Novato, California-based Hennessy Funds
is continuing its acquisition spree. The fund firm announced
this week that it would acquire the Henlopen Fund, with approximately $340 million in assets under management. The fund is managed by Kennett Square, Pennsylvania-based Landis Associates LLC
Hennessy will pay 2.25 percent of total assets under management on the date of the deal's close.
In the current regulatory environment, it has become increasingly difficult to cost-effectively manage a stand-alone mutual
fund. Accordingly, we believe that the shareholders of the Henlopen Fund will be best served through this affiliation with the Hennessy family of funds," stated Michael L. Hershey
, founder and principal shareholder of Landis. "Our shareholders will also benefit immediately by gaining ready access to Hennessy's well respected family of funds and through a lower expense ratio," said Landis.
The fund firms expect to send out proxy materials to shareholders in the next few weeks.
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