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# Rochdale Readies ILS Fund
- URL: https://www.riskmarketnews.com/rochdale-readies-ils-fund/
- Published: 2016-12-05T22:09:09.000Z
- Updated: 2016-12-05T22:09:09.000Z
- Author: Chris Westfall

New York-based **City National Rochdale Investment Management** is planning to launch a new closed-end fund that will focus on reinsurance and insurance-linked securities investments (ILS), according to filings with the **U.S. Securities and Exchange Commission**.

The **City National Rochdale Reinsurance Premium Fund** plans to invest 80% of its net assets in reinsurance related securities, including ILWs and event-linked bonds, according to filings. In addition, the fund will used structured equity-linked investments tied quota share arrangements and swaps. The filings do not list the managers of the fund.

The closed-end product will be structured as an interval fund, offering quarterly repurchases of an minimum of 5% of the fund’s outstanding shares typically at net asset value (NAV).

Total operating expenses for the fund are listed as .93%, including a .50% management fee, a service fee of .25% and “other expenses” of .22%. The filings say the fund does not plan to institute a repurchase fee.

Rochdale will join other ILS closed end fund providers such as [Pioneer Investments](http://f67.a75.myftpupload.com/pioneer-looks-to-launch-interval-ils-fund/?ref=riskmarketnews.com) and **Stone Ridge Asset Management** using closed-end interval fund structures to investment in catastrophe risk. Interval funds allow managers to control sell-offs in illiquid investments by limiting investors ability to cash out at certain “intervals” during a year.

City National Rochdale has $30.7 billion in assets under management and is subsidiary of **RBC USA**, which in turn is owned by of **Royal Bank of Canada**.

Representatives from Rochdale did not return a request inquiries.