Organic asset growth and strong mutual fund performance is pushing shares of Hennessy Advisors higher, said the company’s CEO Neil Hennessy. Hennessy added that he is looking to acquire equity mutual funds, yet has not received any overtures from larger fund families to buy his firm. Last month Hennessy reported earnings per share of $0.35 in its fiscal first quarter, an increase of 40% over the prior year. Hennessy said total assets under management have now eclipsed $6 billion which is over 30% higher than last year at this time. Finally, Hennessy said the era of the star fund manager is over and most funds employ teams now.
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