Hennessy Advisors, Inc. to Acquire Assets of Two SPARX Japan Funds
24 Giugno 2009 - 7:15PM
PR Newswire (US)
NOVATO, Calif., June 24 /PRNewswire-FirstCall/ -- Hennessy
Advisors, Inc. (OTC:HNNA) (BULLETIN BOARD: HNNA) today announced
that it has signed a definitive agreement with SPARX Investment
& Research, USA, Inc. to acquire its assets related to the
management of the SPARX Japan Fund and SPARX Japan Smaller
Companies Fund (the "SPARX Funds"). Pursuant to the proposed
transaction, Hennessy Advisors will become the investment manager
to the SPARX Funds, and the Hennessy Funds trustees will become the
trustees of the SPARX Funds. The SPARX Funds have approximately $65
million in assets. Upon completion of the transaction, which is
subject to the approval of SPARX Funds' current trustees and
shareholders, Hennessy Advisors will manage the SPARX Funds and
they will be renamed the Hennessy Select SPARX Japan Fund and
Hennessy Select SPARX Japan Smaller Companies Fund. Hennessy
Advisors will retain SPARX Asset Management Co., Ltd., located in
Tokyo, as the Funds' sub-advisor to manage the portfolios of the
two funds. The transaction is expected to be completed by the end
of September, 2009. "We look forward to welcoming the SPARX
shareholders and the SPARX Asset Management team to the Hennessy
Funds Select Series family, and we are thrilled to begin offering
our first International mutual fund," said Neil Hennessy, Chairman,
CEO and President of Hennessy Advisors, Inc. Hennessy Funds'
President, Kevin Rowell, added, "This fine addition to our Select
Series significantly broadens the Hennessy Funds product offering
and allows us to showcase the talents of an outstanding Tokyo-based
asset manager." "We are pleased to enter into this partnership with
Hennessy Advisors," said Shuhei Abe, Founder, Portfolio Manager and
Chairman for SPARX Asset Management Co., Ltd. "We believe that this
partnership will offer SPARX funds shareholders continued strong
investment management and performance through our local investment
intelligence and expertise in Japan, combined with Hennessy
Advisor's superior knowledge, customer service and business
management in the United States," he added. About Hennessy
Advisors, Inc. Hennessy Advisors, Inc. is a publicly traded
investment advisor to an entire family of mutual funds. Hennessy
Advisors, Inc. is committed to their time-tested stock selection
strategies and disciplined money management approach. About SPARX
SPARX Investment & Research, USA, Inc. is a wholly owned
subsidiary of SPARX Group Co. Ltd., a publicly traded asset manager
based in Tokyo, Japan. Since its founding in 1989, SPARX Group has
been focused on providing clients with access to the best
investment opportunities in Japan and throughout Asia through their
deep understanding of local companies, countries and markets, as
well as their unrivalled access to management. 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. In soliciting shareholder approval of the
transaction, SPARX Asia Fund trust and its trustees, Hennessy
Advisors, Inc., SPARX Investment & Research, USA, Inc. and
SPARX Asset Management Co., Ltd. may be deemed to be participants
in the solicitation. Shareholders of SPARX Funds should read the
proxy statement that will be filed in connection with the
solicitation because it will contain important information,
including a description of any direct or indirect interest of the
participants in the solicitation. The proxy statement will be
mailed to SPARX Funds shareholders, and that along with other
relevant documents (when available) may be obtained free of charge
from the SEC's website at http://www.sec.gov/ or by calling
1-800-966-4354. 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, +1-415-899-1555 Web Site:
http://www.hennessyadvisors.com/
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