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Thursday, June 28, 2012

Hennessy's Still Hungry

Reported by Neil Anderson, Managing Editor

Neil Hennessy is making his 14th acquisition, and he's still hungry for more.

This week Hennessy confirmed that FBR Funds' board of directors gave its stamp of approval to Hennessy Advisors' [profile] planned acquisition of the FBR Funds, slated for October. Hennessy told MFWire.com that the FBR deal will open lots of doors for his Novato, California-based mutual fund shop.

"Being able to acquire $2 billion [in AUM] does change the company in other people's eyes," Hennessy said. "We're continuing to look for more acquisitions."

The FBR deal would push Hennessy Advisors' lineup to 26 mutual funds with more than $2.7 billion in combined assets. Hennessy is still awaiting shareholder approval. 

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