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Wednesday, August 11, 2010

Hennessy Continues to Sniff for Deals

News summary by MFWire's editors

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. 

Edited by: Armie Margaret Lee

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