CA – December 9, 2008 –
Hennessy Advisors, Inc. today announced that it has signed definitive
agreements with RBC’s Voyageur Asset Management to purchase
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 just under $200 million.
completion of the transaction, which is subject to regulatory
approvals and the approval of Tamarack Funds’ shareholders
and Trustees, Hennessy Advisors will become the manager of the
Tamarack Value Fund and Voyageur Asset Management will act as
the Fund’s sub-advisor. The assets related to the Tamarack
Large Cap Growth Fund will be invested in the Hennessy Large Cap
Growth Fund, with Hennessy Advisors as the manager of the Fund.
The transaction will be tax-free for Tamarack Fund shareholders.
This transaction is expected to be completed by the end of March,
are very pleased to acquire these funds, and we look forward to
welcoming the shareholders of the Tamarack Value Fund and Tamarack
Large Cap Growth Fund into the Hennessy family. We are committed
to providing strong investment management and performance, quality
customer service and a high standard of business ethics to our
shareholders, and we are very proud of our track record in each
of these areas,” said Neil Hennessy, Chairman, CEO and President
of Hennessy Advisors, Inc. “We are excited to enter into
a new sub-advisory partnership with Tamarack, and we believe that
adding these outstanding funds to our lineup will strengthen our
distribution efforts,” said Kevin Rowell, President of Hennessy
About Hennessy Advisors, Inc.
Hennessy Advisors, Inc. is a publicly traded investment advisor
to an entire line-up of quantitatively managed mutual funds. 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 securities laws.
In soliciting shareholder approval of the transactions, Hennessy
Funds Trust and Tamarack Funds Trust and their respective trustees,
Hennessy Advisors and Voyageur Asset Management may be deemed
to be participants in the solicitation. Shareholders of the Tamarack
Funds should read the prospectus/proxy statement(s) 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
prospectus/proxy statement(s) and other relevant documents (when
available) may be obtained free of charge from the SEC’s
website at www.sec.gov or by calling 1-800-966-4354.