DALLAS, Oct. 9, 2023
/PRNewswire/ -- NXG Cushing® Midstream Energy Fund (NYSE: SRV) and
NXG NextGen Infrastructure Income Fund (NYSE: NXG), each a
closed-end management investment company (the "Funds," and each a
"Fund"), announced that effective October 9, 2023, John
Musgrave has been appointed president and chief executive
officer of Cushing®
Asset Management, LP, the Funds' investment adviser (the
"Investment Adviser"). The Board of Trustees of the Funds has also
appointed Mr. Musgrave to serve as Chief Executive Officer and
President of the Funds.
Mr. Musgrave has been a portfolio manager of the Investment
Adviser since 2007 and has served as Managing Director and Co-Chief
Investment Officer of the Investment Adviser since 2016. Prior to
joining the Investment Adviser, Mr. Musgrave previously worked in
Citigroup's investment banking division where he focused on
corporate finance and mergers & acquisitions in a wide range of
industries, including energy infrastructure companies. He also
worked as an analyst for UBS Investment Bank's Global Energy Group.
Mr. Musgrave received his B.B.A. in Finance from Texas A&M University.
Mr. Musgrave has served as portfolio manager for SRV since 2020.
Effective immediately, Mr. Musgrave has also been appointed as the
portfolio manager for NXG. Also serving as portfolio manager for
each Fund is Todd Sunderland.
Accordingly, effective immediately, the persons primarily
responsible for the day-to-day management of each Fund's portfolio
are:
SRV
|
NXG
|
John
Musgrave
|
John
Musgrave
|
Todd
Sunderland
|
Todd
Sunderland
|
Todd Sunderland is Chief Risk
Officer and Chief Operating Officer of the Investment Adviser. Mr.
Sunderland joined the Investment Adviser in 2007. Before joining
the Investment Adviser, he was portfolio analyst
at Spinnerhawk Capital Management. Prior to that, he was
programmer and risk analyst for Hunt Financial Ventures. Mr.
Sunderland previously worked in the engineering field, and his
engineering experience includes Carter & Burgess (Jacobs) and
United Technologies Carrier. Mr. Sunderland earned his M.B.A. from
Southern Methodist University and his
B.S. in Mechanical Engineering from Cornell
University.
There will be no impact on the investment approach, investment
strategy, or investment objectives or policies for any Fund.
Additional Information
This press release shall not constitute an offer to sell or a
solicitation to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer or
solicitation or sale would be unlawful prior to registration or
qualification under the laws of such state or jurisdiction.
There can be no assurance that the Funds will achieve their
investment objectives. Investments in the Funds involve operating
expenses and fees. The net asset value of the Funds will fluctuate
with the value of the underlying securities. It is important to
note that closed-end funds trade on their market value, not net
asset value, and closed-end funds often trade at a discount to
their net asset value.
ABOUT CUSHING® ASSET
MANAGEMENT, LP
Cushing®, a
subsidiary of Swank Capital, is an SEC-registered investment
adviser headquartered in Dallas,
Texas. Cushing serves as
investment adviser to affiliated funds and managed accounts
providing active management in markets where inefficiencies
exist.
Contact:
Blake
Nelson
Cushing® Asset
Management, LP
214-692-6334
www.cushingasset.com
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content:https://www.prnewswire.com/news-releases/nxg-cushing-midstream-energy-fund-and-nxg-nextgen-infrastructure-income-fund-announce-officer-and-portfolio-manager-changes-301951327.html
SOURCE Cushing® Asset Management, LP