The acquisition has brought the assets under management (AUM) of Hennessy Advisors to US$3.1 billion and the total number of shareholders to approximately 180,000.
Meanwhile, 7 of the 10 FBR Funds will continue to be managed by the portfolio managers that have overseen the portfolios in the recent past, with the investment objectives remaining the same for these funds.
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Neil Hennessy, chairman, CEO and president of Hennessy Advisors, Inc. said: "I want to personally thank the shareholders of the former FBR Funds for their vote of confidence and welcome them to the Hennessy family of Funds. We are pleased to now offer investors an expanded product line-up, including domestic equity, specialty, balanced and fixed income funds, while providing the superior customer care they should expect."
"We are excited to close another successful acquisition where we believe the shareholders of the acquired funds, the shareholders of Hennessy Funds, and the shareholders of Hennessy Advisors, Inc. can all benefit. This transaction demonstrates our continued commitment to actively pursue opportunities to grow our business, especially in this slower-growing economy," he added.
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