Hennessy Advisors of Novato, Calif., says it signed an agreement with SPARX Investment & Research, USA, Inc. to acquire its assets related to the management of the SPARX Japan Fund and SPARX Japan Smaller Companies Fund. As part of the deal, Hennessy Advisors will become the investment manager of the SPARX Funds, and the Hennessy Funds trustees will become the trustees of the SPARX Funds.
The SPARX Funds have roughly $65 million in assets.
Upon completion of the transaction, subject to the approval of SPARX Funds' current trustees and shareholders, Hennessy Advisors will manage the SPARX Funds, and they will be renamed the Hennessy Select SPARX Japan Fund and Hennessy Select SPARX Japan Smaller Companies Fund.
Hennessy Advisors will retain SPARX Asset Management Co., Ltd., located in Tokyo, as the funds' sub-advisor to manage the portfolios of the two funds. The transaction is expected to be completed by the end of September, 2009.
"We look forward to welcoming the SPARX shareholders and the SPARX Asset Management team to the Hennessy Funds Select Series family, and we are thrilled to begin offering our first International mutual fund," says Neil Hennessy, chairman, CEO and president of Hennessy Advisors, Inc.
Hennessy Funds' President Kevin Rowell adds, "This fine addition to our Select Series significantly broadens the Hennessy Funds product offering and allows us to showcase the talents of an outstanding Tokyo-based asset manager."
"We are pleased to enter into this partnership with Hennessy Advisors," explains Shuhei Abe, founder, portfolio manager and chairman of SPARX Asset Management Co., Ltd. "We believe that this partnership will offer SPARX funds shareholders continued strong investment management and performance through our local investment intelligence and expertise in Japan, combined with Hennessy Advisor's superior knowledge, customer service and business management in the United States," he notes.
Hennessy Advisors is a publicly traded investment advisor to an entire family of mutual funds and is committed to their time-tested stock selection strategies and disciplined money management approach.