Brian Bruce
About Brian R. Bruce
Brian R. Bruce (born 1955) is an Independent Trustee and current Chair of the Board for NXG NextGen Infrastructure Income Fund; he has served as a trustee in the fund complex since 2007 and as Chair since January 2023, and is standing for election as a Class I Trustee to serve through NXG’s 2027 annual meeting if elected . He is retired; his recent background includes serving as Chief Executive Officer of Hillcrest Asset Management, LLC (2008–2022), and earlier as a professor at Southern Methodist University’s Cox School of Business and Director of the ENCAP Investments & LCM Group Alternative Asset Management Center, bringing financial, accounting, regulatory, and investment expertise to the Board .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| NXG Funds (Fund Complex) | Lead Independent Trustee | 2017–2023 | Served as Lead Independent Trustee before becoming Board Chair |
| NXG Funds (Fund Complex) | Chair of the Audit Committee | 2007–2017 | Led audit oversight for fund complex |
| Hillcrest Asset Management, LLC | Chief Executive Officer | 2008–2022 | Registered investment adviser leadership; operating/financial oversight |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| CM Advisers Family of Funds (2 series) | Trustee/Director | 2003–2020 | Prior service on registered investment company boards |
| SMU Cox School of Business | Professor | Not disclosed | Former faculty and Director of ENCAP/LCM Alternative Asset Mgmt Center |
Board Governance
- Independence and structure: NXG’s Board has a supermajority of Independent Trustees (three independent, one interested), with Bruce serving as Independent Chair; committees are composed solely of Independent Trustees, and independent trustees regularly meet outside management’s presence .
- Committee memberships (FY2024): Audit Committee — members: Andrea N. Mullins (Chair), Brian R. Bruce, John H. Alban; Nominating & Corporate Governance Committee — members: John H. Alban (Chair), Brian R. Bruce, Andrea N. Mullins .
- Election class and term: Bruce is a Class I Trustee standing for election in 2025 to hold office until NXG’s 2027 annual meeting .
- Meeting cadence and attendance: NXG Board held six meetings in FY2024; the Audit Committee met once and Nominating & Corporate Governance met twice; each Trustee attended all regular Board meetings and all committee meetings on which they served (100% attendance) .
- Risk oversight: Board receives regular risk, compliance, investment, and financial reporting updates from the Adviser and the CCO; the Board meets quarterly with additional special meetings as needed .
Committee Snapshot (FY2024)
| Committee | Chair | Members | FY2024 Meetings |
|---|---|---|---|
| Audit | Andrea N. Mullins | Mullins; Bruce; Alban | 1 |
| Nominating & Corporate Governance | John H. Alban | Alban; Bruce; Mullins | 2 |
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| SRV Cash Fees (USD) | $35,519 | $49,361 |
| NXG Cash Fees (USD) | $54,742 | $53,639 |
| Total Paid by Fund Complex (USD) | $90,260 | $103,000 |
| Pension/Retirement Benefits | None | None |
Trustees do not receive any pension or retirement benefits from the Fund Complex .
Performance Compensation
- No performance-based pay, equity awards, or compensation metrics for Trustees are disclosed in the proxy statements; director pay is reported as cash fees by fund and in total, with no equity or performance plan details provided .
Other Directorships & Interlocks
| Company | Role | Committee Positions | Notes |
|---|---|---|---|
| CM Advisers Family of Funds (2 series) | Trustee/Director | Not disclosed | Service 2003–2020; prior registered fund board experience |
No current public company directorships or potential interlocks with NXG’s competitors, suppliers, or customers are disclosed for Bruce beyond the roles listed above .
Expertise & Qualifications
- Long-tenured fund governance experience since 2007, including service as Audit Committee Chair (2007–2017), Lead Independent Trustee (2017–2023), and Board Chair (since 2023), reflecting depth in audit oversight and board leadership .
- Professional expertise as former CEO and previously CIO-level roles in investment management; academic experience at SMU and leadership of an alternative asset management center; experienced in financial, accounting, regulatory, and investment matters .
- Currently not designated as the Audit Committee financial expert (that designation is held by Andrea N. Mullins) .
Equity Ownership
| As of Date | NXG Holding Range | SRV Holding Range | Aggregate Fund Complex Range |
|---|---|---|---|
| Dec 31, 2023 | None | $10,001–$50,000 | $10,001–$50,000 |
| Dec 31, 2024 | None | $10,001–$50,000 | $10,001–$50,000 |
- As of December 31, 2024, each Trustee or Trustee nominee and officer and all such persons as a group owned less than 1% of the outstanding shares of each Fund .
Governance Assessment
- Strengths: Independent Board Chair; supermajority independent board; committees comprised only of independent trustees; independent legal counsel and regular executive sessions; 100% attendance in FY2024 — all positive signals for board effectiveness and oversight .
- Expertise: Bruce’s prior Audit Committee chairmanship and extensive investment management and academic background support strong financial oversight capacity, even though he is not the current audit financial expert of record .
- Alignment watchpoint: Bruce reports no ownership in NXG as of December 31, 2024, while holding a modest range in SRV; low NXG ownership may be viewed as a potential alignment shortfall for NXG-specific investor interests .
- Continuity: Standing for election as Class I Trustee with term running to 2027 if elected, providing governance continuity alongside independent committee structures .
- Conflicts/Related-party: No related-party transactions or conflicts involving Bruce are disclosed in the proxy statements; independence from the Adviser and underwriters is affirmed per Independent Trustee definition and listings .