In two recent press releases, Hennessy Advisors, Inc. of Novato announced a quarterly dividend and a put a bow tie on a huge acquisition, giving a boost to the publicly traded investment manager of domestic and international equity products.
The company completed the acquisition of FBR Funds, a deal announced June, and declared a dividend of $0.03125 per share to be paid on Dec. 7 to shareholders of record as of Nov. 14.
“On the heels of our successful acquisition of the FBR Funds, we are pleased to continue to bring good news to our shareholders," said Neil Hennessy, the chairman, president and CEO of Hennessy Advisors. "Today that good news is in the form of the announcement of our dividend.”
With the FBR deal, Hennessy became $1.9 billion bigger — more than double its staff and more than triple its managed assets. The company purchased the assets related to the management of the entire family of 10 FBR Funds and said several members of FBR leadership team would join Hennessy.
Hennessy said in June that Hennessy said the move would strengthen the company's marketing and distribution, trading and compliance efforts through the addition of the FBR employees. Hennessy's board of directors and its entire team "is convinced that this recent acquisition and the slow, but steady economic recovery will continue to bolster the strong underlying fundamentals of our company and we remain committed to building shareholder value for every Hennessy investor,” Hennessy said.
Hennessy Advisors was established in 1989 and now manages more than $3.1 billion in assets for approximately 180,000 shareholders.
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