Hennessy Advisors, Inc.
7250 Redwood Blvd., Ste. 200, Novato 94945, 415-899-1555, hennessyfunds.com
NOVATO — Hennessy Advisors, Inc. (OTCBB: HNNA), the Novato-based investment manager, is expected to grow its assets under management to $2.7 billion this year, a three-fold increase that follows a definitive agreement in June to purchase assets under management at Arlington, Va.-based FBR Funds.
The purchase was a prominent benchmark for Hennessy and the largest in the 23-year-old firm’s history, said Neil Hennessy, chairman, president and CEO, at the time of the announcement.
Yet it was far from the first — Hennessy Advisors has made 13 acquisitions in the past, growing the assets under its management and offering multiple quantitatively managed funds, actively managed funds and funds specific to the Japanese stock market under the Hennessy Funds umbrella.
The firm currently has nine funds under its management and 11 employees. Twelve additional employees from FBR’s distribution, marketing, trading and other departments will join Hennessy following the completed acquisition, but will remain in Arlington and Boston, Mass.
Hennessy Advisors was named as Novato’s small business of the year by the Novato Chamber of Commerce in 2011.
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