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Rating:Hennessy Adds More Red Ink Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, May 05, 2009

Hennessy Adds More Red Ink

by: Neil Anderson, Managing Editor

The first three months of 2009 were a bit rough for Hennessy Advisors. On Tuesday the Novato, California-based fund firm revealed a quarterly net loss of $133,514, up from a loss of $73,855 for the three months ended December 31, 2008 and from a gain of $419,994 in the first three months of 2009.

President and CEO Neil Hennessy, whose firm just purchased two funds from Voyageur Asset Management for $1.83 million, stressed that now is the time for his firm to build for the future (see MFWire, 12/9/2008, 3/23/2009 and 3/26/2009).

"We firmly believe that it is much more important to allocate resources to build the company for the future than it is to avoid a very small loss per share in the short term," Hennessy stated. "We have successfully managed the company through a number of difficult market cycles over the years, and we will continue to execute our long-term business plan to build assets under management organically, to strengthen our sales network, to aggressively pursue acquisitions and to continue to pay down our debt."

Hennessy now boasts nearly $699.18 million in AUM, down 36.4 percent year-over-year from nearly $1.0987 billion. 

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