24, 2009 –
Novato, CA -
Hennessy Advisors, Inc. today announced that it has signed a definitive
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 (the “SPARX Funds”).
Pursuant to the proposed transaction, Hennessy Advisors will become
the investment manager to the SPARX Funds, and the Hennessy Funds
trustees will become the trustees of the SPARX Funds. The SPARX
Funds have approximately $65 million in assets.
completion of the transaction, which is 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.
look forward to welcoming the SPARX shareholders and the SPARX
Asset Management team to the Hennessy Funds Select Series family,
and we are thrilled to begin offering our first International
mutual fund,” said Neil Hennessy, Chairman, CEO and President
of Hennessy Advisors, Inc. Hennessy Funds’ President, Kevin
Rowell, added, “This fine addition to our Select Series
significantly broadens the Hennessy Funds product offering and
allows us to showcase the talents of an outstanding Tokyo-based
are pleased to enter into this partnership with Hennessy Advisors,”
said Shuhei Abe, Founder, Portfolio Manager and Chairman for SPARX
Asset Management Co., Ltd. “We believe that this partnership
will offer SPARX funds shareholders continued strong investment
management and performance through our local investment intelligence
and expertise in Japan, combined with Hennessy Advisor’s
superior knowledge, customer service and business management in
the United States,” he added.
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 and
disciplined money management approach.
SPARX Investment & Research, USA, Inc. 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 Group has been
focused on providing clients with access to the best investment
opportunities in Japan and throughout Asia through their deep
understanding of local companies, countries and markets, as well
as their unrivalled access to management.
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.
In soliciting shareholder approval of the transaction, SPARX Asia
Fund trust and its trustees, Hennessy Advisors, Inc., SPARX Investment
& Research, USA, Inc. and SPARX Asset Management Co., Ltd.
may be deemed to be participants in the solicitation. Shareholders
of SPARX Funds should read the proxy statement that will be filed
in connection with the solicitation because it will contain important
information, including a description of any direct or indirect
interest of the participants in the solicitation. The proxy statement
will be mailed to SPARX Funds shareholders, and that along with
other relevant documents (when available) may be obtained free
of charge from the SEC’s website at www.sec.gov or by calling