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Novato,
CA – September 18, 2009
- Hennessy Advisors, Inc. today announced that it has
closed a 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 approximately $74 million in assets.
Effective today, Hennessy Advisors will manage the SPARX
Funds and they 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 US-based customer service and business management,
while maintaining strong and focused Japan-based portfolio
management,” said Neil Hennessy, Chairman, CEO and President
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 commented.
“We are aggressively building our Select Series of funds
and are pleased to now offer international products to our
investors,” said 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 added.
About Hennessy Advisors, Inc.
Hennessy Advisors, Inc. is a publicly traded investment advisor
to an entire family of mutual funds. Hennessy Advisors, Inc.
is committed to their time-tested stock selection strategies,
disciplined money management approach and superior service
to shareholders.
About SPARX Asset Management Co., Ltd.
SPARX Asset Management Co., Ltd. is a wholly owned subsidiary
of SPARX Group Co., Ltd., a publicly traded asset manager
based in Tokyo, Japan. Since its founding in 1989, SPARX has
grown into one of the largest and most experienced Asia-based
asset management specialists. SPARX’s extensive experience
in Japan and throughout Asia over the past two decades offers
investors keen insights into opportunities throughout the
region.
Additional Information
Nothing in this press release shall be considered a solicitation
to buy or an offer to sell a security to any person in any
jurisdiction where such offer, solicitation, purchase or sale
would be unlawful prior to registration under the applicable
securities laws.
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