Cushing® Renaissance Fund Announces Quarterly Distributions and Additions to Portfolio Management Team
DALLAS, Nov. 29, 2012 /PRNewswire/ -- The Cushing® Renaissance Fund (NYSE: SZC) declared quarterly distributions for the fiscal quarter ending November 30, 2012, of $0.25 per common share. The Fund's distributions will be payable on December 21, 2012 to shareholders of record on December 19, 2012. The ex-date for the Fund's distribution is December 17, 2012. The distribution represents a partial distribution given that the Fund commenced operations on September 28, 2012 and was in the process of investing the proceeds of its initial public offering during the period. The next quarterly distribution will reflect the Fund's fully invested performance for a complete fiscal period.
It is anticipated but not certain that a portion of the distributions of The Cushing® Renaissance Fund will be treated as a return of capital. The final determination of such amounts will be made and reported to shareholders in early 2013, after the end of the calendar year when the Fund determines its earnings and profits for the year. The final tax status of the distributions may differ substantially from this preliminary information.
The Cushing® Renaissance Fund also announced that Matthew Lemme and Saket Kumar have joined the portfolio management team responsible for the day-to-day management of the Fund's portfolio.
Matthew Lemme recently joined Cushing® MLP Asset Management, LP ("Cushing"), SZC's investment adviser, as a Managing Director, Portfolio Manager and Senior Research Analyst and his responsibilities include portfolio management and research for the Fund. Prior to joining Cushing, Mr. Lemme worked at Highland Capital Management for over five years, most recently as a Managing Director. Mr. Lemme has a total of fourteen years of experience in investments, mergers & acquisitions, and strategy consulting, including twelve years of experience in the energy and materials space. Prior to joining Highland Capital Management, he was an Associate Research Analyst at UBS Securities in New York. Mr. Lemme's primary focus was providing equity research coverage of companies and master limited partnerships in the natural gas and coal industries. His coverage spanned pipelines, utilities, exploration & production, and midstream companies. Prior to UBS, Mr. Lemme was a consultant at Deloitte Consulting, where he provided mergers & acquisitions and strategic advisory services to electric utilities and independent power producers. Prior to Deloitte, Mr. Lemme was an investment banking analyst at CCF Charterhouse, a French investment bank now owned by HSBC. He received an MBA from the McCombs School of Business at the University of Texas at Austin and a Bachelor of Science in Management from Villanova University. Mr. Lemme has earned the right to use the Chartered Financial Analyst designation.
Saket Kumar recently re-joined Cushing, SZC's investment adviser, as a Managing Director, Portfolio Manager and Senior Research Analyst and his responsibilities include portfolio management and research for the Fund. He has experience as an engineer, investment research and investment banking and is a specialist in the materials, energy and basic industrials sectors. Mr. Kumar spent the past year as a research analyst for Citadel Investment Group. Prior to Citadel, Mr. Kumar was a Senior Research Analyst at Cushing from 2008 through 2011 with a focus on the commodities, industrials, materials and emerging markets sectors. Prior to originally joining Cushing, he spent three years as an investment banker at Bear Stearns where he focused on corporate finance and mergers and acquisitions in the global industrial group. Prior to that, he spent three years in the marine transportation industry as an engineer on board cargo vessels specializing in dry bulk and crude oil shipping. Mr. Kumar received an M.B.A. in finance and accounting from Southern Methodist University and a B.S. in marine engineering from Marine Engineering and Research Institute in India.
The Cushing® Renaissance Fund is a non-diversified, closed-end management investment company with an investment objective of seeking a high total return with an emphasis on current income. The Fund seeks to provide shareholders with a vehicle to invest in an actively managed portfolio of companies that may benefit from the developing U.S. energy, industrial and manufacturing renaissance. The Fund is traded on the New York Stock Exchange under the symbol "SZC."
The Cushing® Renaissance Fund is managed by Cushing® MLP Asset Management, LP, an SEC-registered investment adviser headquartered in Dallas, Texas. No assurance can be given that the Fund's investment objectives will be achieved.
ABOUT CUSHING® MLP ASSET MANAGEMENT, LP
Cushing® MLP Asset Management, LP ("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 which invest primarily in securities of MLPs and other natural resource companies. As of October 31, 2012, Cushing had approximately $2.3 billion of assets under management in closed-end funds, mutual funds, privately offered funds and separately managed accounts.
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.
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 Cushing 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 company's 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 Cushing do not assume a duty to update this forward-looking statement.
SOURCE Cushing MLP Asset Management, LP