Hennessy Advisors to purchase assets related to BP Capital
Hennessy Advisors announced that it has signed a definitive agreement with BP Capital Fund Advisors to purchase the assets related to the management of the BP Capital TwinLine Energy Fund and the BP Capital TwinLine MLP Fund. The two BP Funds have current combined assets of approximately $220M. The transaction is expected to be completed in the Q4. Upon completion of the transaction, shareholders of the BP Funds will become shareholders of the Hennessy Funds, and the BP Funds will be renamed the Hennessy BP Energy Fund and Hennessy BP Midstream Fund. Hennessy Advisors will become the investment advisor of the BP Funds, and BP Capital will become the sub-advisor to the Funds, with the same Portfolio Managers who oversee the portfolios today continuing to oversee the portfolios following the transaction. The transaction is subject to customary closing conditions, including the approval of the Hennessy Funds' Board of Trustees, the BP Funds' Board of Trustees, and the BP Funds' shareholders.