Close Close

Portfolio > Mutual Funds

Hennessy Advisors Wraps Up Merger With FBR Funds

Your article was successfully shared with the contacts you provided.

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.

The seven funds and their new names are: The FBR Focus Fund becomes the Hennessy Focus Fund; the FBR Gas Utility Index Fund is now the Hennessy Gas Utility Index Fund; the FBR Large Cap Financial Fund has become the Hennessy Large Cap Financial Fund; the FBR Small Cap Financial is now the Hennessy Small Cap Financial Fund; the FBR Technology Fund now trades as the Hennessy Technology Fund; the FBR Balanced Fund is presently called the Hennessy Equity and Income Fund; and the FBR Core Bond Fund has become the Hennessy Core Bond Fund.

The remaining three FBR funds will be transferred into existing Hennessy funds with a similar investment objective: The FBR Large Cap Fund is being put into the Hennessy Cornerstone Large Growth Fund; the FBR Mid Cap Fund is becoming part of the Hennessy Focus 30 Fund; and the FBR Small Cap Fund is merging with the Hennessy Cornerstone Growth Fund.

“We are excited to close another successful acquisition where we believe the shareholders of the acquired funds, the shareholders of Hennessy Funds, and the shareholders of Hennessy Advisors, Inc. can all benefit,” said Hennessy in a statement. “This transaction demonstrates our continued commitment to actively pursue opportunities to grow our business, especially in this slower-growing economy.”


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.