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

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

Rating:Equity Shop Acquisitions On the Brain Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, September 23, 2016

Equity Shop Acquisitions On the Brain

Reported by Neil Anderson, Managing Editor

Today Neil Hennessy "buttoned up" his eighth acquisition. Yet he is still searching for more.

Neil Hennessy
Hennessy Advisors
Portfolio Manager and Chief Investment Officer
The Hennessy Advisors [profile] chief tells MFWire that his eponymous mutual fund shop has completed its Westport Funds [profile] asset purchase. The deal translates into about $475 million in assets (down from about $640 million in May) moving into the four-star, $952.5-million Hennessy Cornerstone Mid Cap 30 Fund.

"That will put us close to scratching on the wall of $7 billion," Hennessy says. "We got the vote two days ago. It closes today."

Per Hennessy's most recent 10-Q filed on August 3, the Novato, California-based, publicly-traded mutual fund shop is paying about $11.3 million. That translates into about 2.4 percent of the Westport funds' $475 million in AUM (or about 1.8 percent of their May AUM).

To date, Hennessy has now done eight deals involving a total of 25 mutual funds. Looking ahead, Hennessy sees a regulatory environment that is making life "more and more difficult" for fundsters with small shops. And that, he says, means lots of opportunity for continued M&A for his firm.

"I'm always hunting around, ... looking for more acquisitions and talking to people," Hennessy says. "We'll see what happens."

"We're only looking in the equity side of the '40 Act business," Hennessy adds, clarifying that he's generally "not interested" in acquiring firms and business in liquid alternatives, ETFs, or fixed income. "You never know. If it was a sizable deal, then maybe I'd look at it."

As for firm size or location, neither is of prime concern for Hennessy as he's deal-hunting. And he's open to different types of deals, including: fund mergers, deals that keep the acquired funds separate and intact, or deals where Hennessy takes over the fund and hires on the target as the subadvisor.

"We have the firepower and the capability and the track record to continue to acquire," Hennessy says. 

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
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
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. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use