Novato, CA-based Hennessy Advisors, Inc. has signed an agreement with FBR Fund Advisers, Inc. to buy the entire family of 10 FBR Funds, which currently have assets exceeding $1.9 billion, bringing total assets managed by Hennessy Advisors to over $2.7 billion after the deal.

Hennessy will initially pay $28.7 million for the assets. The deal is expected to be completed in the third quarter of 2012.

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