MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
|
|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, September 18, 2013 Hennessy Celebrates a $1 Billion Baby 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." Printed from: MFWire.com/story.asp?s=46118 Copyright 2013, InvestmentWires, Inc. All Rights Reserved |