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Market Overview

Tortoise Acquires Advisory Research's Complementary Midstream Energy Business


Tortoise today announced it has reached a definitive agreement to
acquire the midstream energy asset management business of Advisory
Research Inc. from parent company Piper Jaffray Companies (NYSE:PJC).
The Advisory Research midstream energy infrastructure team has
approximately $3 billion in assets under management in both balanced and
equity strategies, through mutual funds, sub-advised closed-end funds
and separate accounts. 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 Advisory Research midstream energy infrastructure team, including
Senior Portfolio Managers Jim Cunnane, Jr. and Quinn Kiley, will join
Tortoise. The existing team will maintain oversight of Advisory
Research's current midstream energy infrastructure business and client

"We have a shared history with Jim and Quinn as early investors in
midstream energy," said Tortoise Chief Executive Officer, Kevin Birzer.
"The Advisory Research team is well-known and highly regarded as
forward-thinking midstream energy asset managers. We anticipate that our
similar leadership styles and culture will ensure a seamless transition."

"We are thrilled to bring our combined experience and shared commitment
to serving clients to the Tortoise organization," said Advisory
Research's Senior Portfolio Manager, Jim Cunnane. "We see opportunities
to continue to grow with the support of Tortoise's deep and experienced
distribution team."

The transaction is expected to close during the second half of 2019,
subject to customary regulatory and closing conditions, including fund
board/shareholder approval. Advisory Research currently manages separate
accounts, mutual funds and also serves as sub-adviser to the
Fiduciary/Claymore Energy Infrastructure Fund (NYSE:FMO), the Nuveen
Energy MLP Total Return Fund (NYSE:JMF) and the Nuveen All Cap Energy
MLP Opportunities Fund (NYSE:JMLP).

Morgan Stanley & Co. LLC served as financial adviser to Tortoise.

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

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