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Rating:A Public Firm Enters the ETF Biz Via a $42MM-AUM Deal Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, January 03, 2023

A Public Firm Enters the ETF Biz Via a $42MM-AUM Deal

Reported by Neil Anderson, Managing Editor

A $3-billion-AUM, 33-year-old mutual fund firm entered the ETF side of the business last month.

Teresa Mariani "Terry" Nilsen
Hennessy Advisors, Inc.
President, Chief Operating Officer, Director
Neil Hennessy (chairman and CEO of Hennessy Advisors, Inc. [profile]), Terry Nilsen (president and chief operating officer of Hennessy Advisors), and Bill Davis (founder and managing director of Stance Capital, LLC) confirmed on December 22 that Hennessy Advisors has adopted the $42-million-AUM Stance Equity ESG Large Cap Core ETF (STNC) and transformed into the new Hennessy Stance ESG Large Cap ETF, a series of Hennessy Funds Trust, as expected. Boston-based Stance remains the subadvisor for the reorganized ETF, with Stance's Davis and Kyle Balkissoon continuing to serve as PMs and Novato, California-based Hennessy Advisors now serving as investment advisor.

The Stance-powered, actively managed ETF was previously advised by Red Gate Advisers, LLC and was a series of the RBB Fund. The Stance-Hennessy deal was first unveiled last August.

Meanwhile, as expected, STNC is sticking with several of its other service providers, including: U.S. Bancorp Fund Services, LLC (dba U.S. Bank Global Fund Services) as its administrator, dividend paying agent, and shareholder servicing agent; U.S. Bank N.A. as custodian; and Vident Investment Advisory, LLC as trading subadvisor. Quasar Distributors, LLC serves as the fund's distributor, Tait Weller & Baker LLP as the fund's independent accounting firm, and Foley & Lardner LLP as counsel. And the fund continues to use Blue Tractor Group's Shielded Alpha active ETF wrapper.

STNC is Hennessy Advisors' first ETF. It boosts the fund firm's total lineup to 17 funds. Watch for the Hennessy team to do more deals in the ETF sapce.

"This deal represents our eleventh successful acquisition, and we are excited to expand our product offerings into the ETF market," Neil Hennessy states.

"We are committed to providing a continuity of excellent service to our new shareholders," Nilsen states. 

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