MutualFundWire.com: Hennessy Wraps up a Recent Purchase
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Monday, March 23, 2009|
Hennessy Wraps up a Recent Purchase
Hennessy Advisors has closed its acquisition of the Tamarack Large Cap Growth Fund and the Tamarack Value Fund from RBC's Voyageur Asset Management. The deal for the two funds, which have assets of $158 million, was first announced last December (see MFWire, 12/09/08).
Shares of the Tamarack Large Cap Growth Fund will be exchanged for shares of the Hennessy Cornerstone Large Growth Fund, managed by Hennessy Advisors.
Shares of the Tamarack Value Fund will be exchanged for shares of the Hennessy Select Large Value Fund. Hennessy retained Voyageur as the sub-advisor to the fund. This marks Hennessy's first sub-advisory partnership.
The Hennessy Select Large Value Fund is the first product in Hennessy's new Select Series of funds.
Company Press Release
Novato, CA - March 23, 2009 ― Hennessy Advisors, Inc. (OTCBB:HNNA) today announced that it has acquired the assets related to the management of the These two funds have combined assets of approximately $158 million, representing 17,000 shareholders. Hennessy acquired these assets from RBC’s Voyageur Asset Management.
Shares of the Tamarack Large Cap Growth Fund will be exchanged for shares of the Hennessy Cornerstone Large Growth Fund (HFLGX), and the fund will be managed by Hennessy Advisors following a purely quantitative, time tested investment formula. Shares of the Tamarack Value Fund will be exchanged for shares of the Hennessy Select Large Value Fund (HSVFX), and Hennessy Advisors has retained Voyageur Asset Management as sub advisor to manage the portfolio of the fund. Hennessy is also launching Institutional Class shares of each of these two new Funds.
“We are excited to enter into our first sub-advisory partnership. The Hennessy Select Large Value Fund, which will be managed by Voyageur, marks the initial offering under our new ‘Select Series’ of funds,” said Kevin Rowell, President of Hennessy Funds. “The Hennessy Select Series will employ seasoned asset managers. Launching this new series of funds will allow us to round out our product offering and to showcase the talent of what we believe are excellent, yet undiscovered managers,” he noted.
“We are pleased to close the next in a string of successful acquisitions that we believe benefit the shareholders of the acquired funds, of Hennessy Funds and of Hennessy Advisors, Inc.,” said Neil Hennessy, Chairman, CEO and President of Hennessy Advisors, Inc. “We would like to welcome our newest shareholders into the Hennessy family and look forward to providing them with the outstanding investment services we have come to be known for. It is exciting to launch two new funds for our existing Hennessy shareholders, and to increase the assets under management for Hennessy Advisors. This acquisition illustrates our commitment to aggressively pursuing opportunities to grow our business even in this precarious economic environment,” he added.
About Hennessy Advisors, Inc.
Hennessy Advisors, Inc. is a publicly traded investment advisor to an entire line-up of mutual funds which employ a repeatable process and team-managed approach. Hennessy Advisors, Inc. is committed to their time-tested stock selection formulas and disciplined money management approach.
Nothing in this press release shall be considered a solicitation to buy or an offer to sell a security to any person in any jurisdiction where such offer, solicitation, purchase or sale would be unlawful prior to registration under the applicable securities laws.
Mutual fund investing involves risk. Principal loss is possible. The Hennessy Select Large Value Fund may invest in mid-cap companies, which can have limited liquidity and greater price volatility than large-cap companies.
The Funds’ investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and it may be obtained by calling 800-966-4354, or visiting www.hennessyfunds.com. Please read it carefully before you invest or send money.
References to other mutual funds should not be interpreted as an offer of these securities. The Hennessy Funds are distributed by Quasar Distributors, LLC.
Printed from: MFWire.com/story.asp?s=21094
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