Hennessy Advisors, Inc. today revealed that the Board of Trustees of The FBR Funds trust has approved the proposed deal between the two fund firms.

The deal has also been approved by the Board of Directors of FBR & Co. and Hennessy Advisors, Inc. as well as the Board of Directors of Hennessy Funds. It is expected to be completed in October 2012.

"I want to thank the Board of FBR Funds for their vote of confidence, and I look forward to providing a great new home for these shareholders," stated Neil Hennessy, chairman, chief executive and president of Hennessy Advisors.

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