Hennessy Advisors has completed the acquisition of assets related to the management of the Rainier Small/Mid Cap Equity Fund, the third and final of the Rainier US Equity Funds.
As a result, the Rainier Small/Mid Cap Equity Fund will be reorganised into the Hennessy Cornerstone Mid Cap 30 Fund. The acquisition of this fund represents approximately USD253 million in assets, bringing total assets managed by Hennessy Advisors, Inc. to USD7.3 billion.
Hennessy Advisors previously completed the acquisition of assets related to the management of the Rainier Large Cap Equity Fund and the Rainier Mid Cap Equity Fund, which were reorganised into the Hennessy Cornerstone Large Growth Fund and the Hennessy Cornerstone Mid Cap 30 Fund, respectively, on 1 December, 2017. In total, the acquisition of the three Rainier US Equity Funds represents approximately USD375 million in assets.
“I want to thank the Rainier shareholders for placing their confidence in us, and we are honoured to have the opportunity to serve them,” says Neil Hennessy (pictured), Chairman, CEO and President of Hennessy Advisors, Inc. “We are very pleased to complete our ninth successful acquisition, which we believe demonstrates our commitment to continue pursuing growth opportunities for the benefit of Hennessy Advisors’ shareholders.”