Hennessy Advisors has completed its acquisition of FBR  Funds today as planned. The acquisition brings the Novato-Calif.-based company's total AUM to $3.1 billion, $0.4 million over the $2.7 billion in AUM the firm had originally expected to achieve.

This is the first time Hennessy Advisors has acquired a multi-billion dollar fund family, said Neil Hennessy, chief executive of Hennessy Advisors. He added that his firm will continue "actively looking" for more acquisitions in the mutual fund space.

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