On June 6, 2012, Hennessy Advisors, Inc. (OTCBB: HNNA) announced that it had signed a definitive agreement to acquire the assets relating to the management of FBR Fund Advisers, Inc.
On June 6, 2012, California-based investment manager Hennessy Advisors, Inc. (OTCBB: HNNA) announced that it had reached an agreement to acquire the assets relating to the management of FBR Fund Advisers, Inc. The deal remains subject to approval from both FBR Funds’ Board of Trustees and shareholders, as well as Hennessy’s Board of Trustees and regulatory agencies. The acquisition of FBR Funds, which has assets under management of approximately $1.9 billion, would bring Hennessy’s total assets under management to approximately $2.7 billion. Hennessy will become the investment manager of the entire family of FBR Funds. Seven of the FBR Funds will be folded into the Hennessy investment umbrella, but will continue to be run by the same portfolio managers that currently manage them. The assets owned by the FBR Large Cap Fund, the FBR Small Cap Fund and the FBR Mid Cap Fund will be merged into the Hennessy Cornerstone Large Growth Fund, the Hennessey Cornerstone Growth Fund and the Hennessy Focus 30 Fund, respectively. The deal is expected to close in the middle of the third quarter of 2012.
To read the press release, please click here.