Hennessy Advisors of Novato, Calif., has announced the closing of its deal with SPARX Investment & Research, USA, Inc., to acquire the assets related to the management of the SPARX Japan Fund and SPARX Japan Smaller Companies Fund. The acquisition represents about $74 million in assets.
Hennessy Advisors now manages the SPARX Funds, which have been renamed the Hennessy Select SPARX Japan Fund and Hennessy Select SPARX Japan Smaller Companies Fund. Hennessy Advisors has retained SPARX Asset Management Co., Ltd., located in Tokyo, as the funds' sub-advisor to manage the portfolios of the two funds.
"We are pleased to welcome the SPARX shareholders and the SPARX Asset Management team to the Hennessy Funds Select Series family. We believe this partnership will offer our new shareholders outstanding U.S.-based customer service and business management, while maintaining strong and focused Japan-based portfolio management," says Neil Hennessy, chairman, CEO and resident of Hennessy Advisors, Inc.
"We are excited to have entered the Japanese investment market and believe the Nikkei is poised for sustainable growth. Valuations for Japanese stocks remain at historically low levels, and we believe that many Japanese companies are uniquely well positioned to exploit future growth opportunities in Asia," he adds.
"We are aggressively building our Select Series of funds and are pleased to now offer international products to our investors," shares Kevin Rowell, president of Hennessy Funds. "We are thrilled to be working with such a well respected and talented asset manager. SPARX epitomizes the type of highly qualified category experts we employ as sub-advisors for our Select Funds," he notes.