Tortoise Capital Advisors Investment Committee and Closed-End Fund Officers Update

LEAWOOD, Kan. -- May 19, 2015 -- (BUSINESS WIRE) --

Tortoise Capital Advisors today announced changes to its Investment Committee and closed-end fund officers, both to become effective June 30, 2015.

Tortoise will add the following four seasoned portfolio managers to the Investment Committee for its current products. Brian Kessens, James Mick, Matthew Sallee and Robert Thummel, all managing directors of Tortoise, serve in significant roles alongside the Investment Committee as part of Tortoise‘s portfolio management team, and this will formalize their roles. They will join current Investment Committee members Kevin Birzer, Zach Hamel, Terry Matlack and Ken Malvey. The Investment Committee will continue to provide investment strategy oversight to the portfolio team, who implements the strategy.

Also effective June 30, 2015, one of Tortoise‘s five founding managing directors, Dave Schulte, will leave Tortoise Capital Advisors to allow him to focus his efforts on Corridor InfraTrust Management LLC, which he co-founded in 2011. Mr. Schulte will retain an ownership interest in Tortoise, but will no longer serve on the Investment Committee.

Additionally, Tortoise announced the appointment of new officers for its registered closed-end funds, Tortoise Energy Infrastructure Corp. (TYG), Tortoise MLP Fund, Inc. (NTG), Tortoise Pipeline & Energy Fund, Inc. (TTP), Tortoise Power and Energy Infrastructure Fund, Inc. (TPZ) and Tortoise Energy Independence Fund, Inc. (NDP).

  • Brad Adams, Managing Director at Tortoise will serve as Chief Executive Officer of each fund.
  • Matthew Sallee, Managing Director and Portfolio Manager at Tortoise will serve as President of TYG and NTG.
  • Brian Kessens, Managing Director and Portfolio Manager at Tortoise will serve as President of TTP and TPZ.
  • Robert Thummel, Managing Director and Portfolio Manager at Tortoise will serve as President of NDP.
  • Brent Behrens, Director, Financial Operations at Tortoise will serve as Principal Financial Officer and Treasurer of each fund.
  • Shobana Gopal, Director, Tax at Tortoise will serve as Vice President of each fund.
  • Nick Holmes, Vice President and Investment Analyst at Tortoise will serve as Vice President of TYG and NTG.
  • Brett Jergens, Director and Investment Analyst at Tortoise will serve as Vice President of NDP.
  • Diane Bono, Director and Chief Compliance Officer at Tortoise will serve as Secretary of each fund.
  • Cameron Willcott, Compliance Associate at Tortoise will serve as Assistant Secretary of each fund.

These changes are part of the natural progression of the company and align with the expansion of our leadership team, said CEO of Tortoise Capital Advisors and Investment Committee member Kevin Birzer. We thank Dave for his leadership, inspiration and significant contributions to Tortoise. We wish him well as he continues developing the Corridor business, added Mr. Birzer. It was an honor to be part of founding a company that opened up an asset class for a broader group of investors, said Dave Schulte. I look forward to continuing that tradition with my colleagues at Corridor.

About Tortoise Capital Advisors, L.L.C.

Tortoise Capital Advisors, L.L.C. is an investment manager specializing in actively-managed, listed energy investments. As of April 30, 2015, the adviser had approximately $18.5 billion of assets under management in NYSE-listed closed-end investment companies, open-end funds and other accounts spanning the entire energy value chain. For more information, visit www.tortoiseadvisors.com.

Forward-Looking Statement

This press release contains certain statements that may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the funds and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the funds‘ reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the funds and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.

Safe Harbor Statement

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.

Tortoise Capital Advisors, L.L.C.
Pam Kearney, 866-362-9331
Investor Relations