Advisory Research Investment Management

The Focus of Specialized Teams

Reflecting the broad scope of our research capabilities,
we have assembled an array of niche-specific investment talent to monitor conditions and seize opportunities within their sphere of expertise.

Master Limited Partnerships

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James Cunnane Jr., CFA

Managing Director, Chief Investment Officer

Jim Cunnane, with 23 years of investment experience, is Managing Director and Chief Investment Officer of the Advisory Research MLP & Energy Infrastructure team. He oversees the firm’s MLP and energy infrastructure product lines and chairs the Risk Management Committee. He joined the MLP team in 1996 and currently serves as a portfolio manager for three closed end mutual funds: the Fiduciary/Claymore MLP Opportunity Fund, the Nuveen Energy MLP Total Return Fund and the Nuveen All Cap Energy MLP Opportunities Fund. He also serves as a portfolio manager for three open‐end mutual funds: the Advisory Research MLP & Energy Income Fund, the Advisory Research MLP & Energy Infrastructure Fund and the Advisory Research MLP & Equity Fund. Mr. Cunnane holds a B.S. in finance from Indiana University and is a Chartered Financial Analyst (CFA) charterholder. He serves on the finance council and investment committee of the Archdiocese of St. Louis, the investment committee of Mercy Health, and on the Board of Directors of St. Patrick’s Center.

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Quinn Kiley

Managing Director, Senior Portfolio Manager

Quinn Kiley, with 15 years of investment experience, is Managing Director and Senior Portfolio Manager of the Advisory Research MLP & Energy Infrastructure team and his responsibilities include portfolio management of various energy infrastructure assets and oversight of the energy infrastructure research process. He joined the MLP team in 2005. Mr. Kiley serves as a portfolio manager for three closed-end mutual funds: the Fiduciary/Claymore MLP Opportunity Fund, the Nuveen Energy MLP Total Return Fund and the Nuveen All Cap Energy MLP Opportunities Fund. He also serves as a portfolio manager for three open-end mutual funds: the Advisory Research MLP & Energy Income Fund, the Advisory Research MLP & Energy Infrastructure Fund and the Advisory Research MLP & Equity Fund. Prior to joining the MLP team, Mr. Kiley served as Vice President of Corporate & Investment Banking at Banc of America Securities in New York. He was responsible for executing strategic advisory and financing transactions for clients in the Energy & Power sectors. Mr. Kiley holds a B.S. with honors in geology from Washington & Lee University, a M.S. in geology from the University of Montana, a Juris Doctorate from Indiana University School of Law, and a M.B.A. from the Kelley School of Business at Indiana University. Mr. Kiley has been admitted to the New York State Bar. He serves on the finance committees of Rossman School and the Magic House.

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William Adams, CFA

Senior Vice President, Research Analyst

Bill Adams, with 34 years of investment experience, is responsible for performing quantitative and qualitative research and analysis for MLP and energy infrastructure portfolios. Prior to joining the Advisory Research MLP & Energy Infrastructure team in 2004, Bill was a vice president in the research department at Banc of America Capital Management, specializing in the integrated oils, oil field services, oil and natural gas exploration, and refining and marketing industries. His previous coverage includes utilities, leisure, transportation, paper and forest products, and building industries. Bill holds a B.S.B.A. and M.B.A. with a focus in finance from Washington University in St. Louis. Bill is a Chartered Financial Analyst (CFA) charterholder and member of the St. Louis Society of Financial Analysts.

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Farah Alam

Vice President, Research Analyst

Farah Alam, with 13 years of investment experience, is responsible for performing quantitative and qualitative research and analysis for MLP and energy infrastructure portfolios. Prior to joining the Advisory Research MLP & Energy Infrastructure team in 2007, Farah was employed as an associate with Chescor Capital FZ LLC – an international investment banking firm – in Dubai, UAE, where she audited and developed financial models and conducted valuation for equity and debt raising projects in the infrastructure and IT industries in the Middle East. She also previously worked for three years as manager– research and accounts with Chescor Capital Consultancy Services in Delhi, India, with responsibilities in performing financial research, writing analytical reports and analyzing industry trends in diverse sectors such as oil and gas, insurance and offsets. Farah holds an M.B.A. with a concentration in finance from the Olin School of Business at Washington University in St. Louis and a B.S. in Chemistry and an M.S. in Chemistry from J.M.I. University.

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Jeff Morgan, CFA

Vice President, Research Analyst

Jeff Morgan, with 17 years of investment experience, is responsible for performing quantitative and qualitative research and analysis for MLP and energy infrastructure portfolios. He joined the Advisory Research MLP & Energy Infrastructure team in September 2012. Prior to joining the team, Jeff served as a research analyst in the equity research department at Wells Fargo Securities (previously A.G. Edwards & Sons, Inc. and Wachovia Capital Markets, LLC) covering MLPs. From April 1998 until December 2003, Jeff worked as a research analyst following the oilfield services sector at A.G. Edwards & Sons, Inc. Jeff holds a B.S.B.A. with concentrations in finance and banking from the University of Missouri – Columbia and is a Chartered Financial Analyst (CFA) charterholder.

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Gregory Westrich

Vice President, Research Analyst

Greg Westrich, with 9 years of investment experience, is responsible for performing quantitative and qualitative research and analysis for MLP and energy infrastructure portfolios. He joined the Advisory Research MLP & Energy Infrastructure team in September 2008. Mr. Westrich served as an investment banking analyst in the energy and power group at A.G. Edwards & Sons, Inc. and Wachovia Capital Markets, LLC, focusing on equity capital markets transactions for MLPs and exploration and production companies. Greg holds a B.S.B.A. with concentrations in economics, finance and real estate from the Robert J. Trulaske, Sr. College of Business at the University of Missouri.

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Piotr Wianecki, CFA, CAIA

Vice President, Research Analyst

Piotr Wianecki, with 9 years of investment experience, is responsible for performing quantitative and qualitative research and analysis for the MLP and energy infrastructure portfolios. Prior to joining the Advisory Research MLP & Energy Infrastructure team this year, Mr. Wianecki served as a Senior Associate for Mercer Investment Consulting, where he was responsible for investment strategy research and developing the firm’s capital market assumptions. He also previously worked as an investment banking analyst at Gleacher Partners, where he analyzed mergers, acquisitions, leveraged buyouts, and financing alternatives for clients in a variety of sectors. Mr. Wianecki holds a B.S. with distinction in materials science and engineering from Stanford University and is a Chartered Financial Analyst (CFA) charterholder and a Chartered Alternative Investment Analyst (CAIA) charterholder.

Energy infrastructure is critical to the U.S. economy, and investing in the asset class can provide yield, growth, diversification and tax benefits to investors. Clients turn to our experienced and dedicated team to harness the income and growth potential inherent in these investments.

Investment Philosophy

Our team believes that owning growing businesses with stable cash flows and access to capital will provide our clients with above-average, risk-adjusted returns over the long term. Our philosophy leads to a low turnover approach that emphasizes growth and avoids businesses of low quality.

Process

Our team is committed to an investment process that results in investible industry and market insights and a strong understanding of the quality and relative value of MLP and energy infrastructure businesses. A competitive advantage is our proprietary quality scorecard that shields our portfolios from low-quality MLPs. We tend to place higher importance on less-volatile businesses, strategic assets, cleaner balance sheets and proven management teams. We believe that these characteristics support stable distributions and are representative of higher quality businesses. Our portfolio construction focuses on building a portfolio of long-term holdings that reflect our themes, as well as our differentiated views of each business. A portion of the portfolio will be allocated to more tactical holdings that will be identified through the research process.