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."
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.
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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.
Cushing® Asset Management, LP
SOURCE Cushing® Asset Management, LP