Hennessy completes Rainier acquisition

Novato-based Hennessy Advisors, Inc. (NASDAQ: HNNA) today announced that it has completed the acquisition of assets related to the management of the Rainier Large Cap Equity Fund and the Rainier Mid Cap Equity Fund.

The deal was announced in May.

Hennessy said the Rainier Large Cap Equity Fund will be reorganized into the Hennessy Cornerstone Large Growth Fund, and the Rainier Mid Cap Equity Fund will be reorganized into the Hennessy Cornerstone Mid Cap 30 Fund. This acquisition represents approximately $122 million in assets, bringing total assets managed by Hennessy Advisors, Inc. to nearly $7 billion.

'I want to thank the shareholders of the Rainier Large Cap Equity and Rainier Mid Cap Equity Funds for placing their confidence in us and welcome them into the Hennessy family of funds,' said Neil Hennessy, Chairman, CEO and president of Hennessy Advisors, Inc.

The Special Meeting of shareholders of the Rainier Small/Mid Cap Equity Fund, the last remaining Rainier U.S. Fund, has been adjourned to Dec. 26. Pending shareholder approval, the Rainier Small/Mid Cap Equity Fund will be reorganized into the Hennessy Cornerstone Mid Cap 30 Fund in mid-January 2018.

In September 2016, Hennessy completed the acquisition of Milwaukee-based The Westport Funds. That deal represented the addition of about $440 million in assets to Hennessy's portfolio.

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