Hennessy Advisors has wrapped up the acquisition of The Westport Funds, which has about $440m in assets.
The assets related to the Westport Fund and the Westport Select Cap Fund will be reorganised into the Hennessy Cornerstone Mid Cap 30 Fund as part of the deal.
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The transaction will boost Hennessy Advisors’ assets under management to $6.8bn.
Hennessy Advisors chairman, CEO and president Neil Hennessy said: "I want to thank the shareholders of The Westport Funds for their vote of confidence. We welcome Westport shareholders to the Hennessy family of funds, and we will strive to deliver strong investment management and performance, while providing superior customer service.
"We are excited to close another successful acquisition and believe this demonstrates our commitment to consistently pursue opportunities to grow our business for the benefit of our shareholders."
Based in California, Hennessy Advisors offers a range of domestic equity, balanced and fixed income, and sector and specialty mutual funds.
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