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Hennessy Advisors closes Rainier funds deal

Hennessy Advisors Inc. has completed the acquisition of assets related to the management of the Rainier Large Cap Equity Fund and the Rainier Mid Cap Equity Fund.

As a result, the Rainier Large Cap Equity Fund will be reorganized into the Hennessy Cornerstone Large Growth Fund, and the Rainier Mid Cap Equity Fund will be reorganized into the Hennessy Cornerstone Mid Cap 30 Fund.

This acquisition represents approximately $122 million in assets, bringing total assets managed by Hennessy to nearly $7 billion.

The special meeting of shareholders of the Rainier Small/Mid Cap Equity Fund will be held on Dec. 26. Pending shareholder approval, the Rainier Small/Mid Cap Equity Fund will be reorganized into the Hennessy Cornerstone Mid Cap 30 Fund in mid-January 2018.