Tortoise has announced it has completed its previously announced acquisition of the midstream energy asset management business of Advisory Research Inc. from Piper Jaffray Companies.
The transaction brings together two highly experienced and tenured midstream energy pioneers with strong track records and complementary investment philosophies anchored in fundamental research. The midstream energy infrastructure team, including the leadership team of Senior Portfolio Managers Jim Cunnane, Jr. and Quinn Kiley, will maintain oversight of their current midstream energy infrastructure business and client relationships. The team brings approximately US$3 billion in assets under management in balanced and equity strategies through mutual funds, separate accounts and sub-advised closed-end funds.
“We are pleased to welcome Jim, Quinn and the entire team to Tortoise,” said Tortoise Chief Executive Officer, Kevin Birzer. “This partnership underscores our shared view that the midstream sector will play an essential role in the energy transition story as the US exports low-cost energy to the rest of the world.”
“We are excited to become part of the Tortoise family,” said Tortoise Senior Portfolio Manager, Jim Cunnane. “We share a passion for the midstream energy sector and see tremendous opportunities to leverage our collective industry wisdom. Most importantly, we have been actively collaborating to ensure a smooth transition for our clients.”
Financial terms of the transaction were not disclosed.
Read the article online at: https://www.worldpipelines.com/business-news/23092019/tortoise-completes-acquisition-of-advisory-researchs-midstream-energy-business/
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