On May 2, 2016, Hennessy Advisors, Inc. announced a definitive agreement to purchase the assets related to the management of The Westport Funds from Westport Advisers, LLC. The Westport Funds currently manage approximately $640 million of assets.
As part of the transaction, the assets related to The Westport Funds, which consists of the Westport Fund and the Westport Select Cap Fund, will merge into the Hennessy Cornerstone Mid Cap 30 Fund. Moreover, the shareholders of The Westport Funds will become shareholders of the Hennessy Cornerstone Mid Cap 30 Fund. As a result, Hennessy Advisors, Inc. (“Hennessy Advisors”) will manage more than $7 billion of assets after the acquisition.
The transaction is subject to regulatory review and the approval of the Hennessy Funds’ Board of Trustees, The Westport Funds’ Board of Trustees and the Westport Funds’ shareholders, however.
Hennessy Advisors is a publicly traded investment manager that provides domestic equity, balanced and fixed income, and sector and specialty mutual funds.
To read the press release: please click here.