Hennessy Advisors, Inc. Acquires $158 Million in Assets; Launches 'Select Series' of Funds
23 Marzo 2009 - 7:04PM
PR Newswire (US)
NOVATO, Calif., March 23 /PRNewswire-FirstCall/ -- Hennessy
Advisors, Inc. (OTC:HNNA) (BULLETIN BOARD: HNNA) today announced
that it has acquired the assets related to the management of the
Tamarack Large Cap Growth Fund and the Tamarack Value Fund. 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. Additional
Information 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
http://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. Available Topic
Expert(s): For information on the listed expert(s), click
appropriate link. Neil J. Hennessy
http://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=36873
DATASOURCE: Hennessy Advisors, Inc. CONTACT: Tania Kelley of
Hennessy Advisors, Inc., 1-800-966-4354 or +1-415-899-1555 Web
Site: http://www.hennessyadvisors.com/
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