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Tortoise Capital completes acquisition of midstream energy asset management biz

Leawood, Kan.-based Tortoise Capital Advisors LLC announced that it has completed its acquisition of the midstream energy asset management business of Chicago-based Advisory Research Inc. from Minneapolis-based Piper Jaffray Cos.

The terms of the deal were not disclosed.

The midstream energy infrastructure team, including Senior Portfolio Managers Jim Cunnane Jr. and Quinn Kiley, will join Tortoise. The team will maintain oversight of their current midstream energy infrastructure business and client relationships. The team brings approximately $3 billion in assets under management in balanced and equity strategies through mutual funds, separate accounts and subadvised closed-end funds.