The team at a publicly traded mutual fund firm has finalized
one of a pair of related deals to boost their first ETF. Stay tuned for word on the second deal.
| Neil Joseph Hennessy
Hennessy Advisors, Inc. / Hennessy Funds
Chairman, CEO / Chairman, President, Chief Market Strategist, Portfolio Manager
On Friday, Neil Hennessy
, chairman and CEO of Hennessy Advisors, Inc.
], and Alyssa Greenspan
, CEO and president of Community Capital Management, LLC (CCM
Hennessy has closed on its purchase of assets related to the CCM Small/Mid-Cap Impact Value Fund
. That $12-million-AUM fund has been merged into the Hennessy Stance ESG ETF
(STNC), which now has $55 million in AUM (as of yesterday).
"We remain confident that the Hennessy Stance ESG ETF is the right home for our equity mutual fund shareholders," Greenspan states.
Meanwhile, the CCM and Hennessy teams are still working on a related deal: the merger of CCM's other equity mutual fund, the $53-million-AUM CCM Core Impact Equity Fund
, into STNC. The special meeting of shareholders for that merger has been adjourned to November 21, the Hennessy and CCM folks confirm, and that deal is pending shareholder approval.
The two CCM-Hennessy fund mergers were unveiled
back in April. And Hennessy bought STNC last December.
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