CA – March 23, 2009
- Hennessy Advisors, Inc. today announced that it has
acquired the assets related to the management of the Tamarack
Large Cap Growth Fund and the Tamarack Value Fund. These two
funds have combined assets of approximately $158 million,
representing 17,000 shareholders. Hennessy acquired these
assets from RBC’s Voyageur Asset Management.
Shares of the Tamarack Large Cap Growth Fund will be exchanged
for shares of the Hennessy Cornerstone Large Growth Fund (HFLGX),
and the fund will be managed by Hennessy Advisors following
a purely quantitative, time tested investment formula. Shares
of the Tamarack Value Fund will be exchanged for shares of
the Hennessy Select Large Value Fund (HSVFX),
and Hennessy Advisors has retained Voyageur Asset Management
as sub advisor to manage the portfolio of the fund.
“We are excited to enter into our first sub-advisory partnership.
The Hennessy Select Large Value Fund, which will be managed
by Voyageur, marks the initial offering under our new ‘Select
Series’ of funds,” said Kevin Rowell, President of Hennessy
Funds. “The Hennessy Select Series will employ seasoned asset
managers. Launching this new series of funds will allow us
to round out our product offering and to showcase the talent
of what we believe are excellent, yet undiscovered managers,”
“We are pleased to close the next in a string of successful
acquisitions that we believe benefit the shareholders of the
acquired funds, of Hennessy Funds and of Hennessy Advisors,
Inc.,” said Neil Hennessy, Chairman, CEO and President of
Hennessy Advisors, Inc. “We would like to welcome our newest
shareholders into the Hennessy family and look forward to
providing them with the outstanding investment services we
have come to be known for. It is exciting to launch two new
funds for our existing Hennessy shareholders, and to increase
the assets under management for Hennessy Advisors. This acquisition
illustrates our commitment to aggressively pursuing opportunities
to grow our business even in this precarious economic environment,”
About Hennessy Advisors, Inc.
Hennessy Advisors, Inc. is a publicly traded investment advisor
to an entire line-up of mutual funds which employ a repeatable
process and team-managed approach. Hennessy Advisors, Inc.
is committed to their time-tested stock selection formulas
and disciplined money management approach.
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
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