CHICAGO, Aug. 7, 2012 /PRNewswire/ -- RiverNorth Capital Management, LLC, a leading investment management firm specializing in opportunistic investment strategies, announced today the launch of a new mutual fund, the RiverNorth/Manning & Napier Dividend Income Fund (Class I Symbol: RNDIX, Class R Symbol: RNMNX). The Fund will be sub-advised by Manning & Napier Advisors, LLC. "We are very excited to be working with a firm with a 40-year history and a similar culture to ours," said Brian Schmucker, CEO of RiverNorth. "Manning & Napier is well respected in the investment community and their Dividend Focus Strategy complements our opportunistic closed-end fund trading strategy very well." (Logo: http://photos.prnewswire.com/prnh/20120118/NY38010LOGO ) "Manning & Napier is pleased to collaborate with RiverNorth as a sub-advisor to the new RiverNorth/Manning & Napier Dividend Income Fund. Our time-tested process and team of experienced analysts are committed to helping investors reach their long-term objectives," said Patrick Cunningham, Chief Executive Officer, Manning & Napier. "This fund focuses on investing in financially sound companies trading at attractive prices. Together with RiverNorth, we believe we can help investors achieve their desired outcomes." The RiverNorth/Manning & Napier Dividend Income Fund's investment objective will be total return consisting of long-term capital appreciation and income. The Fund will utilize a flexible and opportunistic strategy designed to capitalize on the inefficiencies within the closed-end fund market combined with disciplined stock picking focused on free cash flow yield, which is the amount of cash that a company generates through its operations that remains after paying out the expenses for keeping the company in business. The Fund's assets will be allocated among two principal strategies: a Tactical Closed-End Fund Equity Strategy, which will primarily invest in equity closed-end funds and a Dividend-Focus Strategy, which will primarily invest in dividend-paying common stocks of mid to large capitalization companies (generally companies with market capitalizations of more than $2 billion). The amount allocated to each of the principal strategies may change depending on RiverNorth's assessment of market risk, security valuations, market volatility and the prospects for earning income and total return. RiverNorth will manage the Tactical Closed-End Fund Equity Strategy, while Manning & Napier will manage the Dividend Focus Strategy. For more information, please visit www.rivernorthfunds.com and www.manning-napier.com. For media inquiries, please contact Jami Schlicher at 973-850-7309 or firstname.lastname@example.org. About RiverNorth RiverNorth Capital Management, LLC is a leading investment management firm specializing in opportunistic investment strategies. RiverNorth seeks to identify and opportunistically capitalize on market inefficiencies within the closed-end fund space. RiverNorth also serves as the Investment Adviser to the RiverNorth/DoubleLine Strategic Income Fund (Class I Symbol: RNSIX, Class R Symbol: RNDLX) and the RiverNorth Core Opportunity Fund (RNCOX). RiverNorth is also the General Partner of multiple private investment partnerships. Headquartered in Chicago, RiverNorth's offices can be reached at (312) 832-1440 or email@example.com. For more information, please visit www.rivernorth.com. About Manning & Napier, Inc. Manning & Napier (NYSE: MN) provides a broad range of investment solutions through separately managed accounts, mutual funds, and collective investment fund trusts, as well as a variety of consultative services that complement the investment process. Founded in 1970, we offer equity and fixed income portfolios as well as a range of blended asset portfolios, such as life cycle funds, that use a mix of stocks and bonds. We serve a diversified client base of high-net-worth individuals and institutions, including 401(k) plans, pension plans, Taft-Hartley plans, endowments and foundations. For many of these clients, the relationship goes beyond investment management and includes customized solutions that address key issues and solve client-specific problems. We are headquartered in Fairport, NY and had 489 employees as of March 31, 2012. Manning & Napier, Inc. is publicly traded under MN. Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services.