{
  "crd_number": 131517,
  "slug": "nxg-investment-management-dallas-tx-131517",
  "primary_business_name": "NXG INVESTMENT MANAGEMENT",
  "legal_name": "CUSHING ASSET MANAGEMENT, LP",
  "dbas": [
    "FORMERLY CUSHING MLP ASSET MANAGEMENT, LP",
    "FORMERLY,  SWANK ENERGY INCOME ADVISORS, L.P.",
    "NXG INVESTMENT MANAGEMENT"
  ],
  "city": "Dallas",
  "state": "TX",
  "country": "United States",
  "cbsa_code": "19100",
  "metro": {
    "cbsa_code": "19100",
    "common_name": "Dallas",
    "msa_name": "Dallas-Fort Worth-Arlington, TX",
    "path": "/advisors/tx/dallas"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2004-06-17",
  "years_registered": 22,
  "period": "2026-10-01",
  "filing_date": "2026-08-06",
  "carried_forward": false,
  "raum_total": 1750294646.0,
  "raum_discretionary": 1749342532.0,
  "raum_non_discretionary": 952114.0,
  "raum_band": "1b_5b",
  "raum_band_label": "$1 billion to $5 billion",
  "total_employees": 10,
  "advisory_employees": 5,
  "client_count_bucket": null,
  "clients_by_type": {
    "investment_companies": {
      "raum": 1712811894.0,
      "count": 3
    },
    "pension_profit_sharing": {
      "raum": 7415454.0,
      "count": 1
    },
    "pooled_investment_vehicles": {
      "raum": 30067298.0,
      "count": 2
    }
  },
  "compensation_types": [
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "portfolio_management_individuals",
    "portfolio_management_investment_companies",
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": true,
  "disclosure_yes_count": 3,
  "states_registered": [
    "TX"
  ],
  "websites": [
    "https://facebook.com/CUSHING-ASSET-MANAGEMENT-945444148961597",
    "https://linkedin.com/COMPANY/NXGIM",
    "https://nxgim.com"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/131517",
  "disclosure_items": [
    {
      "item": "11.C(2)",
      "question": "Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?"
    },
    {
      "item": "11.C(4)",
      "question": "Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?"
    },
    {
      "item": "11.C(5)",
      "question": "Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?"
    }
  ],
  "city_as_filed": "DALLAS",
  "url": "https://advisorcensus.com/firm/nxg-investment-management-dallas-tx-131517",
  "display_name": "NXG Investment Management",
  "summary": "NXG Investment Management is an SEC-registered investment advisory firm in Dallas, TX, registered since 2004, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated August 6, 2026.",
  "citation": "AdvisorCensus. NXG Investment Management (CRD 131517): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Performance-based fees"
  ],
  "advisory_activity_labels": [
    "Portfolio management for individuals and/or small businesses",
    "Portfolio management for investment companies (and business development companies)",
    "Portfolio management for pooled investment vehicles (other than investment companies)"
  ],
  "quick_answers": [
    {
      "q": "How is NXG Investment Management compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), NXG Investment Management reports these compensation arrangements: a percentage of assets under its management; performance-based fees."
    },
    {
      "q": "Where is NXG Investment Management located?",
      "a": "NXG Investment Management's principal office is in Dallas, TX, according to its Form ADV."
    },
    {
      "q": "Is NXG Investment Management registered with the SEC or a state?",
      "a": "NXG Investment Management is an SEC-registered investment advisory firm, registered since 2004. Status as filed: Approved. CRD 131517."
    },
    {
      "q": "How much does NXG Investment Management manage?",
      "a": "NXG Investment Management reports $1,750,294,646 in regulatory assets under management in its Form ADV filing dated August 6, 2026 (100% discretionary)."
    },
    {
      "q": "How have NXG Investment Management's assets and staff changed since 2021?",
      "a": "In the Form ADV data for NXG Investment Management: Regulatory assets under management: $890,844,475 in the October 2021 data and $1,750,294,646 in the October 2026 data, up 96%. Total employees: 22 in October 2021 and 10 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does NXG Investment Management serve?",
      "a": "By number of clients on Form ADV Item 5.D: investment companies (3); pooled investment vehicles (other than investment companies and business development companies) (2); pension and profit sharing plans (but not the plan participants or government pension plans) (1)."
    },
    {
      "q": "Which custodians does NXG Investment Management use?",
      "a": "NXG Investment Management's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Principal Financial Group, Inc. as a custodian holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does NXG Investment Management report any disciplinary disclosures?",
      "a": "Reports 3 disclosure items on Form ADV Item 11: yes answers to 11.C(2) (SEC or CFTC finding of a violation), 11.C(4) (SEC or CFTC order), and 11.C(5) (SEC or CFTC civil money penalty or cease-and-desist order). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/131517"
    },
    {
      "q": "What changed in NXG Investment Management's recent Form ADV filings?",
      "a": "In the September 2026 filing data: Updated its list of owners and control persons (Schedule A)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 890844475.0,
      "total_employees": 22,
      "filing_date": "2021-06-21"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 1064689172.0,
      "total_employees": 20,
      "filing_date": "2022-03-31"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 1131630860.0,
      "total_employees": 20,
      "filing_date": "2023-06-23"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 1109652606.0,
      "total_employees": 10,
      "filing_date": "2024-04-26"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 1476595999.0,
      "total_employees": 10,
      "filing_date": "2025-03-28"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 1750294646.0,
      "total_employees": 10,
      "filing_date": "2026-08-06"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-09-01",
      "period_label": "September 2026",
      "notes": [
        "Updated its list of owners and control persons (Schedule A)."
      ]
    },
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Regulatory assets under management went from $1,476,595,999 to $1,750,294,646 (+19%)."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [
    {
      "name": "Principal Financial Group, Inc.",
      "name_as_filed": "PRINCIPAL FINANCIAL GROUP, INC.",
      "affiliated": false
    }
  ],
  "custodians_note": "Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.",
  "markdown_url": "https://advisorcensus.com/firm/nxg-investment-management-dallas-tx-131517.md",
  "clients": [
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 3,
      "fewer_than_5": false,
      "raum": 1712811894.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 2,
      "fewer_than_5": false,
      "raum": 30067298.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 1,
      "fewer_than_5": false,
      "raum": 7415454.0
    }
  ],
  "disclosure_line": "Reports 3 disclosure items on Form ADV Item 11.",
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/131517",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}