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Hammond adds to research, assets grow to $22 billion
Investment firm records 30 percent revenue growth for five consecutive years
St. Louis Business Journal - June 2, 2006
by Keren Douek
Dennis Hammond, owner of Hammond Associates, an investment consulting firm based in Clayton, attributes the firm's steady growth to industry trends in recent years toward the increased use of investment consultants by institutions and institutionally-sized individuals. "It may be the result of some really poor performance or big surplus in terms of volatility in the early part of this decade," Hammond said, "but in any case we have seen a significant demand increase in our business." While Hammond declined to reveal the company's revenue, he estimated that the firm's revenue has grown approximately 30 percent each year for the past five years, with its current assets under advisement at about $22 billion. With 126 clients, versus 75 clients two and a half years ago, Hammond said the firm strives "to constantly be ahead of where the client growth is going to be so we can have trained people on staff long before the clients come, and stay ahead of any growth we might take on in a given year." At the same time, Hammond said the firm paces itself cautiously in regard to adding clients, "because we don't want to grow too quickly. Our first commitment is always to our existing clients, so we will not add clients if it in any way detracts from our ability to add service to our long-standing existing clients." Hammond said the firm has all but one of the consulting clients it has ever taken on. The firm currently has 80 employees in St. Louis, and has increased the square footage of its office space at 101 S. Hanley Road from 19,000 square feet in 2004 to its current 25,000 square feet, and Hammond said the firm is always looking for more space. Hammond says he expects the fastest growth in personnel to be in the research department, "because it is our source of ideas and it is what guides us in terms of our consulting advice to clients." Currently the firm has approximately 15 people dedicated to research, and Hammond estimates that number could reach 25 in the next 12 to 24 months. Hammond said the firm's approach has been to hire people from the client-side of the business relationship. View original article
April 7, 2006
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