has inked a deal with SPARX Investment & Research
to acquire two funds with combined assets of about $65 million.
The deal is expected to be completed by the end of September.
| Neil Hennessy|
Chairman, President and CEO
Hennessy will retain Tokyo-based SPARX Asset Management
as sub-advisor to the funds. The SPARX Japan Fund
will be renamed Hennessy Select SPARX Fund
and the SPARX Japan Smaller Companies
will take the name Hennessy Select SPARX Japan Smaller Companies Fund
The Select fund series launched in March when Hennessy acquired the assets in the Tamarack Large Cap Growth Fund
and the Tamarack Value Fund
from Voyageur Asset Management
In an interview with The MFWire,
, president, chairman and CEO, said he admires SPARX’s history as a company, adding that they were "built pretty much the same way" as Hennessy Advisors, having started in 1989 in the "traditional way."
Hennessy said that the two companies' synergies go together very well, and with regards to further fund additions, Hennessy noted that he is "always looking and talking, waiting to find partnerships that work."
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