NOVATO -- Hennessy Advisors, Inc. (OTCBB: HNNA) announced that it has completed the acquisition of ten investment funds formerly under the management of Arlington, Va.-based FBR Funds. The acquisition brings the total assets under management at Hennessy Funds to $3.1 billion, and the total number of shareholderrs to approximately 180,000.
The acquisition was first announced in June, with a definitive agreement for Hennessy Advisors to purchase the funds for $28 million. 12 staff members from FBR, including fund managers and other personnel, transitioned to Hennessy and remained on the East Coast. The 11-member staff in Novato remains unchanged.
Assets related to the large, medium and small cap funds merged into parallel funds at Hennessy. FBR's remaining seven funds will continue under the Hennessy umbrella.
It is the 14th acquisition for Hennessy Advisors, which reported $809.2 million in assets under management on June 30.
"We are pleased to now offer investors an expanded product line-up, including domestic equity, specialty, balanced and fixed income funds," said Neil Hennessy, chairman, CEO and president of Hennessy Advisors, in a release. "This transaction demonstrates our continued commitment to actively pursue opportunities to grow our business, especially in this slower-growing economy."