18, 2009 –
Novato, CA -
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.
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
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,”
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.
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 through-out
Asia over the past two decades offers investors keen insights
into opportunities throughout the region.
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.