Hennessy Advisors Inc. (Nasdaq: HNNA) on Sept. 23 said it completed the acquisition of Milwaukee-based The Westport Funds, bringing assets under management to nearly $7 billion.
Novato-based Hennessy picked up the assets managed by Westport: the Westport Fund and the Westport Select Cap Fund. They will be reorganized into the Hennessy Cornerstone Mid Cap 30 Fund (HIMDX). This acquisition represents approximately $440 million in assets, bringing total assets managed by Hennessy to $6.8 billion.
“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,” said Neil Hennessy, chairman, CEO and president.
Started in 1989, Hennessy (hennessyadvisors.com) is a publicly traded investment manager of domestic equity, balanced and fixed-income, and sector and specialty mutual funds. The company’s portfolio last took a big jump in 2012, with the acquisition of $1.9 billion in FBR Funds assets. That increased Hennessy’s assets under management by 70 percent to $2.7 billion.