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Rating:Up 21 Percent YOY - A Boutique's AUM Rebounds Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, May 12, 2021

Up 21 Percent YOY - A Boutique's AUM Rebounds

Reported by Neil Anderson, Managing Editor

A small, publicly traded mutual fund firm's AUM has bounced back in the past year, though its revenue and earnings have not yet recovered.

Teresa Mariani Nilsen
Hennessy Advisors, Inc. / Hennessy Funds
President, Chief Operating Officer, Director / Executive Vice President, Treasurer
This afternoon, Neil Hennessy, chairman and CEO of Hennessy Advisors, Inc. [profile], revealed in the firm's fiscal Q2 2021 earnings report that the firm ended March 2021 with $4.023 billion in AUM, up 21.2 percent from the end of March 2020. Hennessy puts the Novato, California-based boutique's rebound in the context of the reopening of the U.S. economy (and the 6.4 percent U.S. GDP growth in the first three months of the year). The firm's cash (and cash equivalents) rose 64 percent year-over-year to $11.476 million on March 31, 2021.

Yet Hennessy Advisors' average AUM for fiscal Q2 2021 is still down 10.5 percent year-over-year. Thus, its Q2 2021 revenue ($7.934 million) and net income ($1.886 million) are both still down year-over-year, 10.6 percent and 4.3 percent each, respectively.

"While our average assets for the period are still rebounding from last year's sharp market decline, our year-over-year total ending assets under management have increased. Our cash growth continues to be strong, and we will once again pay our quarterly dividend while strengthening our balance sheet," states Terry Nilsen, president and chief operating officer. "Even in the toughest of times, we continue to make great progress and invest in our people, technology, and mutual fund products." 

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