Fundsters in search of a buyer for their stock mutual funds may want to ring up Neil Hennessy
. The chairman and chief investment officer of Hennessy Advisors
, remains on the lookout for acquisitions, InvestmentNews reports
The Novato, California-based firm is looking to buy
domestic and international equity funds. Hennessy's
most recent deal was the purchase of two Japan funds
from Sparx Investment and Research USA last year.
"There is plenty of cash on the sidelines,"
Hennessy told the pub. "So I think now is a good time
to buy equity funds."
Hennessy also told InvestmentNews that his firm is mulling
over whether to jettison 12b-1 fees on the Total Return Fund
and Balanced Fund, which currently carry 12b-1 fees of
15 basis points.
Armie Margaret Lee
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