Henessy Advisors, an asset-management company based in Novato, agreed to acquire assets of three Rainier Investment Management funds worth about $565 million. Hennessy already has assets under management exceeding $7 billion.
The acquired funds include Rainier Mid Cap Equity Fund and Rainier Small/Mid Cap Equity Fund, which will merge into the Hennessy Cornerstone Mid-Cap 30 Fund. Rainier’s Large Cap Equity Fund will merge into Hennessy Cornerstone Large-Growth Fund. Rainier is based in Seattle.
The deal is expected to be completed in the third quarter after regulatory and stakeholder approval. The transaction will not create tax consequences for shareholders.
“We are committed to a smooth transition for the Rainier Funds shareholders and we look forward to welcoming them into the Hennessy family,” said Neil Hennessy, chairman, CEO and president of Hennessy Advisors.
James Dunn covers technology, biotech, law, the food industry, and banking and finance. Reach him at: firstname.lastname@example.org or 707-521-4257