Seemingly in flux, RiverPark maintains a Below Average Parent rating.
Notwithstanding some positive attributes, including stability across investment-analyst ranks and generally meaningful levels of portfolio-manager investment in funds signaling alignment with fundholders, this boutique firm has considerable room for improvement. Founding partner and CEO Morty Schaja relinquished many of his day-to-day management responsibilities in 2024, helping to address some succession issues, but still advises on major business decisions. In addition to retaining current responsibilities as longtime chief compliance officer and as chief operating officer, Kenny Gillison has taken up these responsibilities and seems the natural successor to the CEO position. The transition to a new head of business is appreciated given Schaja’s extended career, but Gillison’s current remit also highlights that limited resources require individuals to wear multiple hats.
Meanwhile, other parts of the firm’s business have been changing. Since it launched its mutual fund range in 2010, RiverPark has both managed funds in-house and worked with outside subadvisors. In the past several years, though, much has occurred across the board. Following poor performance and a 2022 portfolio manager and co-founder departure on RiverPark’s in-house-managed large growth and long-short equity funds, the firm now utilizes research resources from Wedgewood Partners, subadvisor to Wedgewood fund, to help construct those portfolios. On the other hand, it transferred RiverPark Strategic Income to that fund’s subadvisor, CrossingBridge Advisors, in March 2023. Considering this transfer and outflows from other funds, RiverPark’s assets under management have dropped by roughly half to USD 1.2 billion as of March 2025, leaving it overly concentrated in RiverPark Short-Term High Yield, also subadvised by CrossingBridge. Although the team launched two equity funds in 2023, subadvised by Next Century, they have yet to gain much traction. Across the board, mutual fund fees remain high, though this is partially a function of their comparatively small sizes.
Note: This share class' Parent Pillar rating is analyst-driven, as its Branding Name, River Park Funds (Branding Name ID: BN00000CRA), is covered by Morningstar Manager Research.
United States