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.