Hennessy Advisors closed out 2012 with a huge ramp up in assets thanks to its acquisition of funds from FBR Funds.

The initial agreement, signed in June 2012, had Hennessy paying $28.7 million for the FBR assets. Once completed, the transaction will give Hennessy total assets under management of more $2.7 billion. In addition, several FBR portfolio managers, including Dave Ellison, FBR president and chief investment officer, will join Hennessy Funds to continue managing the portfolios.

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