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Rating:New Contract in Hand, Hennessy Looks to Expand Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, October 12, 2012

New Contract in Hand, Hennessy Looks to Expand

Reported by Chris Cumming

Having just completed a large acquisition and earned a new five-year employment contract, Neil Hennessy has his eye on more deals.

After inking a deal for Arlington, Virginia-based FBR Funds [profile] this summer, the Hennessy Funds [profile] chairman and CEO has earned himself a raise, according to an 8-K filed with the SEC.

The head of the Novato, California-based mutual fund family is getting a bump in his base salary from $180,000 to $350,000 a year, and will retain his bonus of 10 percent of the company's pre-tax profit, paid quarterly. The other perks in Hennessy's new, five-year contract include full payment of the premiums of his life insurance and a monthly car allowance.

On his new contract, Hennessy told MFWire that the Hennessy Funds' board thought they should "at least bring me up to he low end of the salary range," since he has been chief of the company for 23 years, and had not had a pay raise since taking it public in 2002.

And Hennessy has steered the company through a successful four years. Last quarter, the firm's net income rose 23 percent, to over $303,000.

Last year, according to a December proxy statement, the Hennessy president took home just over $502,000, including salary, bonus, and other pay.

And Hennessy MFWire that the firm is still looking to acquire, and will hopefully make "a couple more" deals soon.

"We're hoping to bring on not only small shops, but larger shops as well. We're big boys and girls here," he said.

The acquisition of FBR Funds will bring Hennessy to over $3 billion in AUM. FBR's Russ Parker will lead the company's distribution, and he told MFWire that combining Hennessy's strong direct-investor sales with FBR's institutional and advisor-based expertise will result in a formidable distributions operation. 

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