CA – March 23, 2009
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.
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.
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,” he noted.
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,”
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
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.