Novato-based Hennessy Advisors Inc. reported its third fiscal quarter revenues increased 3 percent to $13.6 million with the firm declaring benefits from the federal tax cuts and challenges presented by trade policy. The period ended June 30 and comparisons were with the same quarter in 2017.
On tax cuts, the company stated the Tax Cuts and Jobs Act of 2017 lowered its tax rate from 34 percent to 28 percent.
Neil Hennessy, chairman and CEO, stated, “The first half of the year was marked by the return of volatility and a bit of investor anxiety. We saw many market swings tied to trade policy, interest rate increases, and talk about possible inflation. “
Teresa Nilsen, president and COO said despite those “headwinds” the company continues to pursue its core strategies, including acquisitions. In July, the company announced it was purchasing the assets of BP Capital TwinLine Energy Fund and the BP Capital TwinLine MLP Fund.
Other highlights from the Marin County company’s third quarter report include a 2 percent decrease in total assets under management to $6.4 billion; “average” assets under management rose .4 percent to $6.5 billion; and the board declared a quarterly dividend of 10 cents per share to be paid on September 10, 2018.