NOVATO, Calif., Jan. 12, 2018 /PRNewswire/ -- Hennessy
Advisors, Inc. (NASDAQ: HNNA) today announced that it has
completed the acquisition of assets related to the management of
the Rainier Small/Mid Cap Equity Fund, the third and final of the
Rainier U.S. Equity Funds. As a result, the Rainier Small/Mid Cap
Equity Fund will be reorganized into the Hennessy Cornerstone Mid
Cap 30 Fund. The acquisition of this fund represents approximately
$253 million in assets, bringing
total assets managed by Hennessy Advisors, Inc. to $7.3 billion.
Hennessy Advisors, Inc. previously completed the acquisition of
assets related to the management of the Rainier Large Cap Equity
Fund and the Rainier Mid Cap Equity Fund, which were reorganized
into the Hennessy Cornerstone Large Growth Fund and the Hennessy
Cornerstone Mid Cap 30 Fund, respectively, on December 1, 2017. In total, the acquisition
of the three Rainier U.S. Equity Funds represents approximately
$375 million in assets.
"I want to thank the Rainier shareholders for placing their
confidence in us, and we are honored to have the opportunity to
serve them," said Neil Hennessy,
Chairman, CEO and President of Hennessy Advisors, Inc. "We are very
pleased to complete our ninth successful acquisition, which we
believe demonstrates our commitment to continue pursuing growth
opportunities for the benefit of Hennessy Advisors' shareholders,"
he added.
About Hennessy Advisors, Inc.
Hennessy Advisors, Inc. is a publicly traded investment manager
offering a broad range of domestic equity, multi-asset, sector and
specialty mutual funds. Hennessy Advisors, Inc. is committed to its
consistent and repeatable investment process, combining time-tested
stock selection strategies with a highly disciplined, team-managed
approach, and to superior service to shareholders.
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 under the securities laws of such jurisdiction.
Available Topic Expert(s): For information on the listed
expert(s), click appropriate link.
Neil J. Hennessy
http://www.profnetconnect.com/neil_hennessy
View original
content:http://www.prnewswire.com/news-releases/hennessy-advisors-inc-completes-the-acquisition-of-the-rainier-us-equity-funds-bringing-assets-under-management-to-73-billion-300582259.html
SOURCE Hennessy Advisors, Inc.