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

Sprott Asset Management, a wholly-owned subsidiary of Sprott Inc has announced the launch of four ETFs focused on providing investors..
Tradeweb Markets Inc. has reported total trading volume for January 2023 of USD23.2 trillion (tn). Average daily volume (ADV) for..
Strive Asset Management has launched its eighth index fund: the Strive Emerging Markets Ex-China ETF (STXE). The firm writes that..
Some big forces moved further into ETF issuance this week, with Capital Group launching 12 new active/passive model portfolios, and..

Related Articles

ETF
We are very pleased to open the voting for service providers (selected by nominations) and ETP issuers, selected by our data partners, Trackinsight, for the European ETF Express Awards, in...
Bitcoin
Osprey Funds’ founder and CEO, Greg King, has written an open letter to Barry Silbert, majority owner of Digital Currency Group which owns Grayscale, suggesting that he uses his powers...
Captain
Comparing multifactor ETFs to the popular Marvel Avengers series may seem a bit of a stretch but recent analysis from Morningstar suggests the investment strategies have more in common with...
Mackenzie
Canadian asset manager Mackenzie Investments, with CAD186.6 billion under management, has published its annual Mackenzie Investments Year-End ETF Report. ...
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