Novato-Based Hennessy Advisors, Inc. Acquires The Westport Funds

NOVATO, CA — Hennessy Advisors, Inc. has acquired The Westport Funds, which represent approximately $440 million in assets, bringing total assets under management of Hennessy to $6.8 billion, it was announced Friday.

The resulting reorganization means shareholders of Westport, Connecticut-based Westport Fund and Westport Select Cap Fund are now shareholders of the Hennessy Cornerstone Mid Cap 30 Fund.

"I want to thank the shareholders of The Westport Funds for their vote of confidence," said Neil Hennessy, chairman, CEO and president of Hennessy Advisors, Inc., which is headquartered in Novato. "We are excited to close another successful acquisition and believe this demonstrates our commitment to consistently pursue opportunities to grow our business for the benefit of our shareholders."

According to information on Hennessy Advisors' website, the reorganization came about after "Westport Advisers, LLC, the investment advisor to The Westport Funds, completed a recent strategic review of the management and operations of The Westport Funds and determined, in light of Westport Advisers’ succession planning considerations, that it would be advisable to pursue a reorganization with another fund group. They sought a mutual fund company that they could feel confident would provide the same excellent portfolio management and customer service that shareholders of The Westport Funds currently receive, and that search led them to Hennessy Advisors, Inc."

Shareholders of The Westport Funds voted in favor of the reorganization on Sept. 19 and the reorganization is effective Sept. 26.

"We welcome Westport shareholders to the Hennessy family of funds, and we will strive to deliver strong investment management and performance, while providing superior customer service," Hennessy said.

About Hennessy Advisors, Inc.

Hennessy Advisors, Inc. (NASDAQ: HNNA) is a publicly traded investment manager offering a broad range of domestic equity, balanced and fixed income, and sector and specialty mutual funds.

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