MutualFundWire.com: The Hennessy-FBR Deal is Done
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Tuesday, October 30, 2012|
The Hennessy-FBR Deal is Done
Neil Hennessy's deal for FBR Funds is now official.
Today a press release from Hennessy Advisors announced the completion of the shop's acquisition of the ten FBR Funds, which was reported at the beginning of June.
The deal pushes Hennessy's AUM up to $3.1 billion. And, as Neil Hennessy told MFWire earlier this month, he is still looking out for other potential acquisitions.
The press release follows.
Company Press Release
Hennessy Advisors, Inc. Acquires Assets Related to Management
of FBR Funds, Bringing Assets Under Management to $3.1 Billion
Novato, CA October 26, 2012 Hennessy Advisors, Inc. (OTCBB: HNNA) today announced that it completed the acquisition of assets related to the management of the ten FBR Funds. As a result, the FBR Funds have been reorganized into the Hennessy Funds bringing the total assets under management of Hennessy Advisors, Inc. to $3.1 billion and the total number of shareholders to approximately 180,000.
I want to personally thank the shareholders of the FBR Funds for their vote of confidence and welcome them to the Hennessy family of Funds. We are pleased to now offer investors an expanded product line-up, including domestic equity, specialty, balanced and fixed income funds, while providing the superior customer care they should expect, said Neil Hennessy, Chairman, CEO and President of Hennessy Advisors, Inc. We are excited to close another successful acquisition where we believe the shareholders of the acquired funds, the shareholders of Hennessy Funds, and the shareholders of Hennessy Advisors, Inc. can all benefit. This transaction demonstrates our continued commitment to actively pursue opportunities to grow our business, especially in this slower-growing economy, he added.
About Hennessy Advisors, Inc.
Hennessy Advisors, Inc. is a publicly traded investment manager of a broad range of domestic equity, specialty, balanced and fixed income products. Hennessy Advisors, Inc. is committed to its consistent and repeatable investment process, combining proven stock selection strategies with a highly disciplined, team-managed approach, and to superior service to shareholders.
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