Bringing you live news and features since 2006 

Hennessy Advisors to partner with Stance ETF

RELATED TOPICS​

 

Hennessy Advisors has announced that it has signed a definitive agreement with Stance Capital and Red Gate Advisers, among others, related to the management of the Stance Equity ESG Large Cap Core ETF ( NYSE: STNC).

The Stance ETF has current assets of approximately USD40 million. The transaction is expected to be completed in the last quarter of 2022.

 

Upon completion of the transaction, the Stance ETF will be reorganised to become a series of Hennessy Funds Trust named the Hennessy Stance ESG Large Cap ETF (the “Hennessy Stance ETF”), and Hennessy Advisors, Inc. will become the investment adviser.

 

Neil Hennessy, Chairman and CEO of Hennessy Advisors says: “We are excited to undertake this strategic expansion of our business and to partner with the team at Stance Capital. This unique ETF product is consistent with our historical strength of providing our investors with portfolios focused on long-term value, while kicking off the next stage of our product evolution into the ETF market. We look forward to welcoming the Stance ETF shareholders, and we are committed to a smooth transition into the Hennessy family of investments.”

 

Stance Capital will serve as the sub-adviser to the Hennessy Stance ETF and the current Portfolio Managers Bill Davis and Kyle Balkissoon will continue providing the day-to-day management of the Hennessy Stance ETF portfolio. Additionally, the Hennessy Stance ETF will continue to operate under the Portfolio Reference Basket structure of the Blue Tractor Group, LLC, pursuant to a license agreement. Vident Investment Advisory, LLC will continue to provide trading sub-advisory services to the Hennessy Stance ETF.

 

Bill Davis, Founder of Stance Capital says: “Neil Hennessy, Teresa Nilsen, and the team at Hennessy consistently demonstrate a commitment to their shareholders and the asset management industry. We feel confident our shareholders will continue to receive solid portfolio management, excellent shareholder service, and dedicated trustee guidance.”

 

The transaction is subject to customary closing conditions, including SEC approval of an exemptive order allowing the Hennessy Stance ETF to operate under the Portfolio Reference Basket structure licensed by the Blue Tractor Group, as well as approval by the Hennessy Funds Trust Board of Trustees, The RBB Fund, Inc. (of which the Stance ETF is a series) Board of Directors, and the Stance ETF shareholders. The transaction has been structured with the intention that it qualify, for federal income tax purposes, as a tax‑free reorganization under the Internal Revenue Code of 1986, as amended. Therefore, shareholders of the Stance ETF should not recognize any gain or loss for federal income tax purposes as a result of the transaction.

 

Latest News

Morningstar has published a review of the European ETF market for the first quarter 2024, which finds that it gathered..
ETF data consultant ETFGI reports that assets invested in the global ETF industry reached a new record of USD12.71 trillion..
Calastone has published an ETF white paper which examines several of the processes that take place across the lifecycle of..
Adapting product lines to fit into changing methodologies and meet shifting demand is essential to remaining relevant in the industry..

Related Articles

ETFs
US ETF issuers of active ETFs are facing an increase in fees from the big custodian firms, such as Charles...
Taylor Krystkowiak, Themes ETFs
Themes ETFs opened its doors in December 2023, with an introductory suite of 11 ETFs – seven thematic and four...
Konrad Sippel, Solactive
At the end of March, financial index specialist, Solactive, published its 2024 annual report on future trends.  ...
Lorraine Sereyjol-Garros, BNP Paribas
Following changes to the French Monetary and Financial Code and of the French market authority AMF’s General Regulation, it is...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by