SteelPath was an investment advisory firm based in

Dallas, Texas Dallas () is the third largest city in Texas and the largest city in the Dallas–Fort Worth metroplex, the fourth-largest metropolitan area in the United States at 7.5 million people. It is the largest city in and seat of Dallas County w ...

that specialized exclusively in

master limited partnership In the United States, a master limited partnership (MLP) or publicly traded partnership (PTP) is a publicly traded entity taxed as a partnership. It combines the tax benefits of a partnership with the liquidity of publicly traded securities. To o ...

s ("MLPs"). The company was registered with the

U.S. Securities and Exchange Commission The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market ...

as an investment advisor."SteelPath Launches MLP Income Mutual Fund"

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from May 12, 2010 In 2010, the company received press attention by becoming the first investment advisor to offer open-ended MLP

mutual fund A mutual fund is a professionally managed investment fund that pools money from many investors to purchase securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV i ...

s. In July 2012,

OppenheimerFunds OppenheimerFunds, Inc. was a global asset manager. As of February 28, 2019, the company managed over $260 billion in assets in over 13,000,000 investor accounts. In May 2019, the company was acquired by Invesco. OppenheimerFunds had 16 investment ...

, now

Invesco Invesco Ltd. is an American independent investment management company that is headquartered in Atlanta, Georgia, with additional branch offices in 20 countries. Its common stock is a constituent of the S&P 500 and trades on the New York stock exc ...

, acquired SteelPath for its MLP business.

History

SteelPath was founded in 2004 as

Alerian Alerian, based in Dallas, TX, is an independent company that provides transparent master limited partnerships (MLP) and energy infrastructure benchmarks and analytics. The flagship Alerian MLP Index (AMZ) is used by industry professionals to analy ...

, by

Gabriel Hammond Gabriel Arce Hammond is an American financial executive, and serial entrepreneur. He is currently the founder and CEO of Emles Advisors LLC, an asset management firm. Early life and education Hammond grew up in Potomac, Maryland, a suburb of Washi ...

. The company created the Alerian MLP Index (NYSE: AMZ), which was the first of its kind and is now broadly considered to be the benchmark for the Master Limited Partnership asset class. In March 2010, the active management side of the business was re-branded as SteelPath and spun off from Alerian and shortly thereafter created a family of open-ended mutual funds focused on Master Limited Partnerships."Alerian Announces Corporate Rebranding"
"RedOrbit.com" from March 31, 2010 Gabriel Hammond, who previously handled MLPs for Goldman Sachs & Co."SteelPath Fund Taps Master Limited Partnerships"
''

Wall Street Journal ''The Wall Street Journal'' is an American business-focused, international daily newspaper based in New York City, with international editions also available in Chinese and Japanese. The ''Journal'', along with its Asian editions, is published ...

'' Financial Adviser Blog from May 14, 2010 and Stuart Cartner, also previously with Goldman Sachs, managed all SteelPath funds. In July 2012, OppenheimerFunds announced they were acquiring SteelPath Capital Management and SteelPath Fund Advisors (“SteelPath”).

Investment Focus

SteelPath was focused exclusively on investing in energy infrastructure through the emerging midstream energy Master Limited Partnerships asset class. These companies are the energy infrastructure analogue to

real estate investment trust A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, including office and apartment buildings, warehouses, hospitals, shopping cente ...

s (“REITS”), and similarly do not have entity level taxation, while trading on public stock exchanges. MLPs typically distribute a majority of the cash flow generated as distributions to investors and continue to be one of the highest yielding equity asset classes in the US.

Investment Products

Historically, MLPs were difficult for many investors to hold directly, due to the multiple state partnership tax returns (K-1s) that needed to be filed for each MLP. SteelPath was the first investment advisor to launch an open-ended mutual fund focused on MLPs, offering investors access to the space with one 1099 tax return, investment transparency, and no leverage. SteelPath also managed other MLP investment vehicles, including private investment partnerships and

separately managed account In the investment management industry, a separately managed account (SMA) is any of several different types of investment accounts. For example, an SMA may be an individual managed investment account; these are often offered by a brokerage firm t ...

s."New MLP Options"
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References

{{reflist, 30em

External links

Invesco Steelpath fund page
Investment companies of the United States Financial services companies established in 2004 Financial services companies disestablished in 2012 Companies based in Dallas 2012 mergers and acquisitions