Cushing® MLP & Infrastructure Total Return Fund and NXG NextGen Infrastructure Income Fund Announce Officer Changes

Rhea-AI Summary

The Cushing MLP & Infrastructure Total Return Fund (NYSE: SRV) and NXG NextGen Infrastructure Income Fund (NYSE: NXG) announced leadership changes effective November 30, 2022. John H. Alban retired as CEO, with Mark Rhodes, previously of Focal Point Consulting, Bank of America Merrill Lynch, and J.P. Morgan, succeeding him. The Board of Trustees expressed gratitude for Alban's service. The press release includes disclaimers about investment risks and the nature of closed-end funds, emphasizing fluctuations in net asset value and potential discounts on market value.

Positive

• Mark Rhodes' extensive experience in investment management could provide strong leadership for the Funds.
• Continuity in management with a successor already in place may reassure investors.

Negative

• The retirement of John H. Alban may signal uncertainty as leadership transitions can impact fund performance.

DALLAS, Dec. 1, 2022 /PRNewswire/ -- The Cushing^® MLP & Infrastructure Total Return 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 November 30, 2022, John H. Alban, Chief Executive Officer and President of the Funds, retired from Cushing^® Asset Management, LP, the Funds' investment adviser (the "Investment Adviser") and from his position with the Funds. Mr. Mark Rhodes, Chief Executive Officer of the Investment Adviser, has been appointed to serve as Chief Executive Officer and President of the Funds.  

Before joining the Investment Adviser in 2022, Mr. Rhodes previously was the Founder and Principal of Focal Point Consulting Practice from 2020-2022, Managing Director of Bank of America Merrill Lynch from 2015-2021 and Regional Managing Director of J.P. Morgan from 2008-2015.   

Jerry V. Swank, Founder of the Investment Adviser and Chair of the Board of Trustees of the Funds, and Brian R. Bruce, Lead Independent Trustee of the Funds said, "On behalf of the Board of Trustees, we want to thank John Alban for his many years of leadership and service to the Funds."

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

View original content:https://www.prnewswire.com/news-releases/cushing-mlp--infrastructure-total-return-fund-and-nxg-nextgen-infrastructure-income-fund-announce-officer-changes-301691595.html

SOURCE Cushing® Asset Management, LP

FAQ

What are the recent leadership changes at NXG and SRV Funds?

As of November 30, 2022, Mark Rhodes has replaced John H. Alban as CEO and President of both the Cushing MLP & Infrastructure Total Return Fund (SRV) and the NXG NextGen Infrastructure Income Fund.

Who is the new CEO of Cushing Funds?

Mark Rhodes is the new CEO of the Cushing MLP & Infrastructure Total Return Fund (SRV) and NXG NextGen Infrastructure Income Fund (NXG), effective November 30, 2022.

What impact could leadership changes have on SRV and NXG?

Leadership changes can lead to uncertainties; however, Mark Rhodes brings substantial experience in investment management, which could positively influence the Funds.

What is the market value situation of closed-end funds like NXG and SRV?

Closed-end funds such as NXG and SRV often trade at a discount to their net asset value, and their market value can fluctuate based on the underlying securities.