Hennessy Advisors, Inc. (Nasdaq: HNNA) in Novato purchased the assets of two energy-related mutual funds: BP Capital TwinLine Energy Fund and the BP Capital TwinLine MLP Fund.
The two BP Funds have current combined assets of approximately $220 million. The transaction is expected to be completed in the fourth calendar quarter of 2018, the company stated. The agreement was reached with BP Capital Fund Advisors, LLC.
“With the addition of these two funds, inspired by legendary energy investor T. Boone Pickens, Hennessy will now offer a suite of complementary energy-related mutual funds. We look forward to welcoming BP Capital to our team of best-in-class subadvisors, and we are committed to a smooth transition for BP Funds’ shareholders into the Hennessy family of funds,” said Neil Hennessy, chairman and CEO of Hennessy Advisors, Inc. in the announcement.
The transaction is subject to customary closing conditions, including the approval of the Hennessy Funds’ board of trustees, the BP Funds’ board of Trustees, and the BP Funds’ shareholders Upon completion of the transaction, shareholders of the BP Funds will become shareholders of the Hennessy Funds, and the BP Funds will be renamed the Hennessy BP Energy Fund and Hennessy BP Midstream Fund.