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Hennessy Advisors acquires Sparx Japan funds

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Hennessy Advisors has closed a deal with Sparx Investment & Research USA to acquire the assets related to the management of the Sparx Japan Fund and Sparx Japan Smaller Companies Fund.

The acquisition represents approximately USD74m in assets.

Effective today, Hennessy Advisors will manage the Sparx funds and they have been renamed the Hennessy Select Sparx Japan Fund and Hennessy Select Sparx Japan Smaller Companies Fund.

Hennessy Advisors has retained Sparx Asset Management, located in Tokyo, as the funds’ sub-adviser to manage the portfolios of the two funds.

"We are pleased to welcome the Sparx shareholders and the Sparx Asset Management team to the Hennessy Funds Select Series family. We believe this partnership will offer our new shareholders outstanding US-based customer service and business management, while maintaining strong and focused Japan-based portfolio management," says Neil Hennessy, chairman, chief executive and president of Hennessy Advisors. "We are excited to have entered the Japanese investment market and believe the Nikkei is poised for sustainable growth. Valuations for Japanese stocks remain at historically low levels, and we believe that many Japanese companies are uniquely well positioned to exploit future growth opportunities in Asia.”

Hennessy Advisors is a publicly traded investment adviser to an entire family of mutual funds.

Sparx Asset Management is a wholly owned subsidiary of Sparx Group, a publicly traded asset manager based in Tokyo, Japan.

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