Cushing Asset Management, Lp
- Regulatory AUM
- $1.8B
- Discretionary
- $1.7B
- Clients
- 6
- Avg AUM / client
- $292M
- Accounts
- 6
- Employees
- 10
AUM over time
Annual snapshots from Form ADV filings · as of Mar 30, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Investment companies | 3 | $1.7B | 97.9% |
| Pooled investment vehicles (non-investment companies) | 2 | $30.1M | 1.72% |
| Pension and profit sharing plans | 1 | $7.4M | 0.42% |
Private funds (1)
Reported in Form ADV Section 7.B.(1), filing of Nov 2024 · $43.2M combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| The Cushing Fund, Lp | Hedge Fund | Texas | $43.2M | 32 |
People (5)
roster as of Jul 20, 2026| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Jerry Vane Swank | Limited Partner | May 2002 (24y) | 75% or more | |
| Musgrave, John, Marshall | President And Ceo (10/2023) Managing Partner (12/2022) And Co Chief Investment Officer (09/2019) | Sep 2019 (7y) | Less than 5% | |
| Nelson, Blake, Robert | Chief Financial Officer | Feb 2021 (6y) | Less than 5% | |
| Sunderland, Todd, William | Chief Operating Officer And Chief Risk Officer | Dec 2022 (4y) | Less than 5% | |
| Mead, Brad, Benjamin | Chief Compliance Officer | Oct 2024 (2y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Swank Capital, Llc | General Partner | Oct 2003 | A | Less than 5% |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (1, $43.2M gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| The Cushing Fund, Lp | Hedge Fund | $43.2M | $1.0M | 32 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/30/2026 | 1.24 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
Allegations: ON AUGUST 28, 2018, CUSHING ASSET MANAGEMENT, LP ("CUSHING") ENTERED INTO A SETTLEMENT WITH THE SECURITIES AND EXCHANGE COMMISSION ("SEC"), WHICH RESULTED IN AN ORDER ISSUED BY THE SEC. THE ORDER RESOLVES THE SEC'S ALLEGATIONS THAT CUSHING CAUSED ITS CLIENT'S VIOLATIONS OF SECTION 17(A) OF THE INVESTMENT COMPANY ACT OF 1940 ("INVESTMENT COMPANY ACT") IN CONNECTION WITH TWO UNDISCLOSED CROSS TRADES ON DECEMBER 20, 2012. Status: Final Sanction Detail: THE ORDER REQUIRES CUSHING TO CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS AND ANY FUTURE VIOLATIONS OF SECTION 17(A)(1) OF THE INVESTMENT COMPANY ACT AND REQUIRES CUSHING TO PAY A CIVIL MONETARY PENALTY OF $100,000, WHICH CUSHING PAID ON SEPTEMBER 14, 2018. Summary: SOLELY FOR THE PURPOSE OF SETTLING THESE PROCEEDINGS, CUSHING CONSENTED TO THE ORDER WITHOUT ADMITTING OR DENYING THE MATTERS THEREIN (EXCEPT THE SEC'S JURISDICTION). THE ALLEGATIONS, DISPOSITIONS, FINDINGS AND SANCTIONS OF THE ORDER ARE DESCRIBED IN ITEMS 7 AND 12 ABOVE.
Disclosure text reproduced verbatim from the firm's own Form ADV filings.
How they charge
- • Percentage of assets under management
- • Performance-based fees
Services
- • Portfolio management for individuals/small businesses
- • Portfolio management for investment companies
- • Portfolio management for pooled investment vehicles
Custody
Reported custodians
- Euroclear Bank Sa/Nv $138M (5% of AUM) Sep 2019
- Northern Trust $119M (6% of AUM) Jun 2020
- Pershing $13.5M (1% of AUM) Mar 2025
- Interactive Brokers $13.4M (1% of AUM) Dec 2022
- Principal Financial $7.4M (0% of AUM) Mar 2026
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports having custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 30, 2026.
View current Form ADV (SEC/IAPD) ↗