Hennessy Advisors buys Rainier fund, has $7.3 billion in assets under managementStaff Writer | January 13, 2018
Hennessy Advisors announced that it 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 U.S. Equity Funds.
Acquisition Hennessy Cornerstone Mid Cap 30 Fund
The acquisition of this fund represents approximately $253 million in assets, bringing total assets managed by Hennessy Advisors, Inc. to $7.3 billion.
Hennessy Advisors, Inc. 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 reorganized into the Hennessy Cornerstone Large Growth Fund and the Hennessy Cornerstone Mid Cap 30 Fund, respectively, on December 1, 2017.
In total, the acquisition of the three Rainier U.S. Equity Funds represents approximately $375 million in assets. ■