9/20/2019 Company News

Tortoise Completes Acquisition of Advisory Research’s Midstream Energy Business

FOR IMMEDIATE RELEASE

LEAWOOD, Kan. – Sept. 20, 2019 – Tortoise today announced it has completed its previously announced acquisition of the midstream energy asset management business of Advisory Research Inc. from Piper Jaffray Companies (NYSE: PJC).

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 $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 U.S. 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.

About Tortoise

Tortoise invests in essential assets – those assets and services that are indispensable to the economy and society. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. For additional information, please visit tortoiseadvisors.com.

Contact Information
Zito Partners
Deborah Kostroun deborah@zitopartners.com (201) 403-8185