Hennessy Advisors, Inc. has acquired the assets related to the management of the Tamarack Large Cap Growth Fund and the Tamarack Value Fund, which have close to $160 million in assets and represent some 17,000 shareholders. Hennessy acquired these assets from RBC's Voyageur Asset Management.
Shares of the Tamarack Large Cap Growth Fund will be exchanged for shares of the Hennessy Cornerstone Large Growth Fund (HFLGX), and the fund will be managed by Hennessy Advisors following a purely quantitative, time tested investment formula.
Shares of the Tamarack Value Fund will be exchanged for shares of the Hennessy Select Large Value Fund (HSVFX), and Hennessy Advisors has retained Voyageur Asset Management as sub advisor to manage the portfolio of the fund. Hennessy is also launching Institutional Class shares of each of these two new Funds.
"We are excited to enter into our first sub-advisory partnership," says Kevin Rowell, president of Hennessy Funds in Novato, Calif. "The Hennessy Select Large Value Fund, which will be managed by Voyageur, marks the initial offering under our new 'Select Series' of funds.
"The Hennessy Select Series will employ seasoned asset managers," he adds. "Launching this new series of funds will allow us to round out our product offering and to showcase the talent of what we believe are excellent, yet undiscovered managers."