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Tuesday, October 25, 2011

Hennessy Remains on the Prowl for Acquisitions

Reported by Armie Margaret Lee

Neil Hennessy, chairman, president and CEO of Hennessy Advisors [see profile], continues to be on the hunt for acquisitions.

Hennessy is interested in acquiring domestic and international equity funds. "I'm not really a buyer in the fixed income market because I don't think that's a winning game going forward," Hennessy told The MFWire.com on the sidelines of the fourth annual Hennessy Funds Market Outlook in New York City on Tuesday.

The Novato, California-based mutual fund firm has done several deals over the years, the most recent one being the purchase of two Japan funds from Sparx Investment and Research USA.

Hennessy offers a total of 10 funds.

Hennessy Advisors officials were in Manhattan Tuesday for the media luncheon at McCormick and Schmick's in midtown, which attracted around 30 journalists. PR firm SunStar Strategic helped put together the press conference.

In his presentation, Hennessy talked about where the markets are headed, the holdings in the Hennessy Focus 30 Fund and his thoughts on Japan (Hennessy's product menu includes the Hennessy Select SPARX Japan Fund and Hennessy Select SPARX Japan Smaller Companies Fund).

Other Hennessy executives present at the event were Brian Peery, co-PM and director of research; Tania Kelley, vice president of marketing and executive vice president Terry Nilsen.  

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