According to the wealth manager, the transition is expected to complete during the third quarter of 2012, which is subject to regulatory review and the approval of the Hennessy Funds Board of Trustees, the FBR Funds Board of Trustees and the FBR Funds’ shareholders.
Upon completion of the transaction, Hennessy Advisors will become the investment manager of the FBR Funds, said the firm.
The deal states that the assets related to the FBR Large Cap Fund, the FBR Small Cap Fund and the FBR Mid Cap Fund will be integrated into the Hennessy Cornerstone Large Growth Fund, the Hennessy Cornerstone Growth Fund and the Hennessy Focus 30 Fund, respectively, with shareholders of the Funds becoming shareholders of the applicable Hennessy Fund.
The remaining seven Funds will work under the Hennessy investment management, and continue to be managed by the same portfolio managers.
Dave Ellison, FBR president and CIO, and Winsor Aylesworth, FBR portfolio manager, will join the Hennessy team of employees and continue with the daily management of the FBR Gas Utility Index Fund, the FBR Small Cap Financial Fund, the FBR Large Cap Financial Fund and the FBR Technology Fund, said the acquirer.
