Ecofin’s manager acquired by Tortoise – Ecofin Global Utilities and Infrastructure Trust says its investment manager, Ecofin Limited, has been bought by Tortoise Investments, LLC. Financial terms of the transaction were not disclosed.
Tortoise Investments, based in Kansas City, owns a family of investment management firms which manage approximately US$20 billion including five New York Stock Exchange listed closed-end investment funds. Tortoise specialises in making an impact through essential assets and income investing. Tortoise invests in assets and services that serve essential needs in society and client portfolios, such as diversification and income. Tortoise’s expertise spans energy investing across the entire energy value chain, sustainable infrastructure including wind, solar and water infrastructure, credit investing, direct lending to social infrastructure projects and index construction. Through a variety of investment vehicles, Tortoise provides access to a wide range of client solutions, focused on their evolving needs.
“Tortoise should prove to be a great resource for EGL as it has important expertise managing closed-end funds in the US with a strong focus on income distribution. Tortoise’s experience investing in energy infrastructure will bring valuable additional insights, especially in expanding our research on the North American investment universe,” said David Simpson, Chairman of EGL. “We are also pleased that the day-to-day management of the Company’s portfolio will remain the same.”
Mr. Simpson’s comments were echoed by Jean-Hugues de Lamaze, senior portfolio manager for EGL. “We look forward to joining the Tortoise team. Tortoise’s long history investing in energy infrastructure will complement our broad infrastructure expertise and research.”
Kevin Birzer, chief executive officer of Tortoise concluded: “We are thrilled to expand our focus globally and delighted that Ecofin’s talented team will be joining Tortoise. We are very committed to helping Jean-Hugues and the rest of the Ecofin team continue to deliver a strong investment proposition and superior client service to EGL shareholders. Our culture is one that thrives on diverse ideas, viewpoints, opinions and backgrounds and the addition of our newest team members in London aligns perfectly with that mission.”
EGL : Ecofin’s manager acquired by Tortoise