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
"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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