Novato, Calif.-based Hennessy Advisors (HNNA) said Monday that it wrapped up the acquisition of assets related to the management of the 10 FBR Funds.
The FBR Funds have been reorganized into the Hennessy Funds, bringing Hennessy’s total assets under management to some $3.1 billion and the total number of shareholders to about 180,000. (Hennessey Advisors’ and FBR Funds’ boards approved the merger earlier this year.)
“I want to personally thank the shareholders of the FBR Funds for their vote of confidence and welcome them to the Hennessy family of funds,” said Hennessy Advisors Chairman and CEO Neil Hennessy (left), in a press release. “We are pleased to now offer investors an expanded product lineup, including domestic equity, specialty, balanced and fixed-income funds, while providing the superior customer care they should expect.”
Seven of the 10 FBR Funds will continue to be managed by the portfolio managers that have overseen the portfolios in the recent past; the investment objectives remain the same for these funds.