Corporate GovernanceJul 10, 2026, 04:57 PM
NXG Cushing Midstream Energy Fund Adviser Undergoes Change of Control
AI Summary
NXG Cushing Midstream Energy Fund held its Annual Meeting, electing Class I Trustees Brian R. Bruce and John H. Alban. Shareholders also approved a new investment advisory agreement following a change of control of the Fund's adviser, Cushing Asset Management, LP. NXG Cushing, LLC acquired a 62% interest in the adviser, triggering the need for a new agreement. The new agreement maintains the same terms, services, and fee structure, including a 1.25% annual advisory fee and a 0.25% fee waiver until February 1, 2027.
Key Highlights
- Class I Trustees Brian R. Bruce and John H. Alban were elected to serve until the Fund's 2029 annual meeting.
- Shareholders approved a new investment advisory agreement between the Fund and Cushing Asset Management, LP.
- NXG Cushing, LLC acquired a 62% interest in Cushing Asset Management, LP, resulting in a change of control.
- The change of control led to the termination of the prior advisory agreement and the execution of a new one.
- The new advisory agreement maintains an annual fee rate of 1.25% of the Fund's Average Weekly Managed Assets.
- The Adviser's contractual fee waiver of 0.25% of Managed Assets will continue until February 1, 2027.
Price Impact