The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Hennessy Celebrates a $1 Billion Baby  Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, September 18, 2013

Hennessy Celebrates a $1 Billion Baby

Reported by Casey Quinlan

Hennessy Advisors [profile] surpassed $4 billion for assets under management. The firm has grown its assets by over 30 percent since December of last year, largely due to its acquisition of FBR Funds October 26 of 2012. Hennessy is continuing to look at acquisitions but did not indicate there were any immediately on the horizon.

Hennessy serves over 12,000 financial advisors and 215,000 shareholders nationwide, but it does so with only 17 staff members, Neil Hennessy, president, chairman and CEO of Hennessy Advisors said. "Our staff is very good at multi-tasking and we have great accounting staff as well as US Bank doing custodial work."

Hennessy Advisors recently hired general counsel and a chief compliance officer in-house, Jennifer Cheskiewicz, on June 13. The company may also consider hiring a couple more staff members, perhaps creating new positions in the bookkeeping department.

"Between the stock market and net purchases our assets have been driven up over $4 billion. We still continue to grow the company organically and through acquisitions," Hennessy said in an interview with MFWire.

"We're not in the separately managed account business. We're equity long-only," Hennessy emphasized. "In order to create wealth, you must have a concentrated position that creates wealth."

In a press release, Hennessy stated, "I have been saying for some time that the stock market and the economy are much stronger than people believe, and it is great to see investors return to buying high-quality mutual funds for their portfolios. We couldn't be more pleased with the strong results of our family of funds, which has allowed us to grow out asset base by nearly $1 billion in under nine months."  

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2020
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use