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Tuesday, October 19, 2010

Hennessy Calls for Clarity

Reported by Armie Margaret Lee

Washington has to give America clarity. That's one takeaway from Neil Hennessy's press briefing in New York City on Tuesday.

Hennessy, president, CEO and CIO of Novato, California-based Hennessy Advisors [see profile], gave a presentation to an audience of around 40 reporters over lunch at McCormick and Schmicks in midtown Manhattan. Co-portfolio manager Frank Ingarra, Jr. also spoke at the third annual Hennessy press luncheon, which was organized by Hennessy's PR firm, SunStar Strategic.

"We need clarity on healthcare, taxes, regulation," Hennessy told The MFWire.com in an interview. "Washington has to give America clarity. We can't do anything, we're stymied right now."

Meanwhile, Hennessy, whose product lineup consists solely of equity funds, continues to be on the lookout for deals.

"We're actively looking for acquisitions," he said. "Hopefully there'll be more people that will either want to retire and sell out and go with a good firm like ours, or maybe just don't want to put up with the rules and regulations anymore and just rather sub-advise and go back to managing the money."

Hennessy's most recent deal was the purchase of two Japan funds from Sparx Investment and Research USA last year.  

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