California-based Hennessy Advisors has announced that it has signed a definitive agreement with SPARX Investment & Research, a wholly owned subsidiary of SPARX Group, to acquire its assets related to the management of the SPARX Japan Fund and SPARX Japan Smaller Companies Fund.
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.
Neil Hennessy, Chairman, CEO and President of Hennessy Advisors, said: “We 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.”
Kevin Rowell, President, Hennessy Funds, said: “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 asset manager.”
Shuhei Abe, Founder, Portfolio Manager and Chairman for SPARX Asset Management Co., said: “We are pleased to enter into this partnership with Hennessy Advisors. 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.”
The transaction is expected to be completed by the end of September, 2009.
