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

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

Rating:As Earnings Rebound, a $4B-AUM Boutique Hunts Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, August 04, 2021

As Earnings Rebound, a $4B-AUM Boutique Hunts

Reported by Neil Anderson, Managing Editor

A publicly traded, boutique mutual fund firm's team continues to hunt for M&A targets as the firm's size and profitability bounce back from lows earlier in the COVID-19 pandemic.

Teresa Mariani Nilsen
Hennessy Advisors, Inc. / Hennessy Funds
President, Chief Operating Officer, Director / Executive Vice President, Treasurer
"We maintain a healthy balance sheet and are happy to share our prosperity with our shareholders via our quarterly dividend," Terry Nilsen, president and chief operating officer of Hennessy Advisors, Inc. [profile], states in the Novato, California-based asset manager's fiscal Q3 2021 earnings report, which was released this afternoon after the market closed. (Hennessy Advisors' fiscal Q3 2021 ended on June 30.) "We continue to pursue opportunities to build Hennessy Advisors for future success, through both organic growth and strategic partnerships."

Neil Hennessy, chairman and CEO of his eponymous fund firm, puts the firm's growth in the context of a 6.5-percent rise last quarter in U.S. GDP thanks to what he sees as "strong underlying fundamentals." He predicts that "wage increases and improved production output" will offset "headwinds caused by short-term supply chain issues and labor shortages."

Hennessy Advisors brought in $8.527 million in net revenue last quarter, up 7.5 percent from fiscal Q2 2021 and up 23.7 percent year-over-year. Net income rose 19 percent in the quarter and 26.4 percent year-over-year. And cash (and cash equivalents) rose 22.3 percent in the quarter and 61.2 percent year-over-year.

Hennessy's AUM reached $4.118 billion on June 30, 2021, up 2.4 percent from March 31, 2021 and up 17.9 percent year-over-year. Th firm's average quarterly AUM (which is more directly related to revenue and the like) reached $4.151 billion last quarter, up 5.9 percent from the previous quarter and up 20.4 percent year-over-year. Meanwhile, Hennessy's own share price rose 11.4 percent in the quarter, and 26 percent year-over-year, to $9.30.  

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

 Do You Recommend This Story?

Return to Top
 News Archives
2021: Q4Q3Q2Q1
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. 1997-2021
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use