Tortoise Capital Advisors, a fund manager focused on energy investing, has received shareholder approval of two strategic fund merger proposals involving closed-end funds and the conversion to an actively managed exchange traded fund (ETF).
Tortoise Midstream Energy Fund (NTG) and Tortoise Energy Infrastructure Corp. (TYG) will merge, with TYG emerging as the continuing fund. The combined assets under management on a pro forma basis were $1.1 billion, as of Nov. 29.
After the merger, TYG will retain its original investment strategy and objective, becoming Tortoise Capital’s flagship closed-end fund solution for investors seeking this structure.
“These strategic initiatives reflect our commitment to delivering value and flexibility to our shareholders,” said Tom Florence, CEO of Tortoise Capital. “By merging TYG and NTG, we are solidifying TYG as our flagship closed-end fund solution for long-term investors.”
Tortoise Power and Energy Infrastruct
