Hennessy to buy two Sparx Japan funds
Hennessy Advisors Inc. today announced that it has signed an agreement with New York-based Sparx Investment and Research USA Inc. to acquire the assets of the Sparx Japan Fund (SPXJX) and Sparx Japan Smaller Companies Fund (SPJSX).
Hennessy Advisors Inc. today announced that it has signed an agreement with New York-based Sparx Investment and Research USA Inc. to acquire the assets of the Sparx Japan Fund (SPXJX) and Sparx Japan Smaller Companies Fund (SPJSX).
Once the deal is closed, Hennessy of Novato, Calif., will become the investment adviser and trustee to the funds.
The funds will be renamed the Hennessy Select Sparx Japan Fund and the Hennessy Select Sparx Japan Smaller Companies Fund.
Hennessy Advisors will retain Sparx Asset Management Co. Ltd., based in Tokyo, as subadviser to the funds. “We are thrilled to begin offering our first international mutual fund,” Neil Hennessy, chairman, chief executive and president of Hennessy Advisors, said in a statement.
The transaction is expected to be completed by the end of September. The Hennessy Funds had $750 million in assets under management as of June 23, and the Sparx Funds have around $65 million in assets.
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