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Asset Purchase of Two Rainier U.S. Funds
3 Months Ended
Dec. 31, 2017
Business Combinations [Abstract]  
Asset Purchase of Two Rainier U.S. Funds

(11)    Asset Purchase of Two Rainier U.S. Funds

On December 1, 2017, the Company completed the purchase of the assets related to the management of the Rainier Large Cap Equity Fund and the Rainier Mid Cap Equity Fund and reorganized the assets of such funds into the Hennessy Cornerstone Large Growth Fund and the Hennessy Cornerstone Mid Cap 30 Fund, respectively. The purchase was consummated in accordance with the terms and conditions of that certain Transaction Agreement, dated as of May 10, 2017, as amended, between the Company, Manning & Napier Group, LLC, and Rainier Investment Management, LLC. The purchase price of $1.0 million was funded with available cash and was based on the total net assets under management of the Rainier Large Cap Equity Fund and the Rainier Mid Cap Equity Fund as measured at the close of business on November 30, 2017. The amount of the purchased assets as of the closing date were approximately $122 million.