Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Hennessy's New Prez Steps In to Host In NYC Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, December 04, 2018

Hennessy's New Prez Steps In to Host In NYC

Reported by Neil Anderson, Managing Editor

The show must go on, in money management even more so than on Broadway, and especially when hungry reporters are involved.

Neil Joseph Hennessy
Hennessy Advisors, Inc. / Hennessy Funds
Chairman, CEO, Director / Chairman, President, Chief Investment Officer, Portfolio Manager
Today Terry Nilsen, president and chief operating officer of Hennessy Advisors [profile], stepped up today as hostess of the 14th annual Hennessy Funds Market Outlook & Hennessy Cornerstone Mid Cap 30 Fund Rebalance Press Luncheon, held as per usual at Mastro's Steakhouse in New York City. Nilsen was pinch-hitting for Hennessy CEO Neil Hennessy, who is out sick, Nilsen told reporters.

Teresa Mariani Nilsen
Hennessy Advisors, Inc. / Hennessy Funds
President, Chief Operating Officer, Director / Executive Vice President, Treasurer
"This hasnít happened in 20 years (the flu) so I guess the good news is Iím good for another 20!" Hennessy told MFWire later via email.

Nilsen and Ryan Kelley, senior vice president and PM, expanded their roles in the presentation in Hennessy's stead. Kelly laid out the Novato, California-based firm's view on the economy (strong) and on the bull market (still going, despite hiccups), then laid out the changes in the annually rebalanced, purely quantitative Hennessy Cornerstone Mid Cap 30 Fund.

Ryan C. Kelley
Hennessy Funds
Senior Vice President, Portfolio Manager
In the subsequent Q&A, Nilsen, Kelley, and Josh Wein (vice president and senior portfolio analyst) fielded questions on a host of topics, including: fears about the growth of ETFs ("there's going to be an evening out of that," Nilsen says); fee pressure; and the recent woes of publicly traded asset managers (like Hennessy Advisors).

"At some point in time, every sector is going to get beaten up," Nilsen says, noting that the asset management industry still has "very strong margins" and cash flow. "We've had some pretty punishing outflows, and also some great successes ... There's always going to be a place [good portfolio management]."

In terms of distribution, Hennessy Advisors focuses on the RIA market, Kelley notes. Yet they also work with FAs at wirehouses and independent broker-dealers, and they work with a lot of individual investors.

"We are really distributed very wide and very thin," Nilsen says. "We have a lot of small shareholders nationwide."

Meanwhile, Hennessy Advisors has historically been an acquisitive mutual fund shop. Nilsen sees more opportunity for that given the rough time that most asset managers are currently having.

"In this environment in the asset management business, there's going to be a lot of consolidation," Nilsen says. "You're going to be either a buyer or a seller, and we're both." 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2018
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use