Neil Hennessy has found another deal for its eponymously named fund firm. The Henlopen fund
is selling its investment contract to Novato, California-based Hennessy Advisors
. The deal brings Hennessy another $299 million in fund assets.
Hennessy will drop the Henlopen Fund (HENLX) name and rebrand the offering as Hennessy Cornerstone Growth Fund, Series II. It will manage the funds assets using its Cornerstone Growth Strategy. It also dropped the expense ratio on the fund to 125 basis points from the current 138 bps.
Mr. Hennessy has openly sought deals for the firm in order to grow its assets. The firm is most interested in smaller fund shops that provide funds that can be managed through a clear investment formula. Hennessy Advisors manages total assets of more than $1.66 billion and advises six no-load funds.
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