Hennessy Advisors, Inc. Acquires The CCM Small/Mid-Cap Impact Value Fund; This Acquisition Represents ~$12M In Assets; No Financial Terms Of The Transaction Disclosed
Portfolio Pulse from Benzinga Newsdesk
Hennessy Advisors, Inc. (HNNA) has acquired the CCM Small/Mid-Cap Impact Value Fund, which represents about $12M in assets. The fund will be reorganized into the Hennessy Stance ESG ETF, an existing ETF managed by Hennessy Advisors. The acquisition aims to serve additional shareholders and integrate the fund's assets. The CCM Core Impact Equity Fund, with $53M in assets, may also join the Hennessy Stance ESG ETF pending shareholder approval.
November 10, 2023 | 9:18 pm
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Hennessy Advisors, Inc. has completed the acquisition of the CCM Small/Mid-Cap Impact Value Fund, which will be reorganized into the Hennessy Stance ESG ETF. This move may attract additional investors and increase assets under management.
The acquisition of the CCM Small/Mid-Cap Impact Value Fund by Hennessy Advisors, Inc. is likely to have a positive short-term impact on HNNA's stock price. The increase in assets under management and the potential to attract more investors interested in ESG-focused funds could be viewed favorably by the market. However, the impact may be somewhat moderated by the size of the acquisition relative to the overall market.
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