Diamond Hill Investment Group, Inc. reported net income of $4.32 million, or $1.66 per share, for the second quarter of 2009. This was more than twice its net income in the same period last year.

The company reported assets under management (AUM) of $4.7 billion, as of 6/30/2009. This was down 14% on a year over year basis. Diamond Hill Investment Group, Inc. ended the quarter with a tangible book value of $15.88, up from the $12.36 reported at the end of 12/31/2008.

“Our primary business objective is to fulfill our fiduciary responsibility to our clients by achieving excellent long term investment returns. I am pleased that our strategies have generally outperformed their benchmarks over the past five years,” said Ric Dillon, the CEO and Chief Investment Officer of Diamond Hill Investment Group, Inc.

Diamond Hill Investment Group, Inc. is an investment management firm managing mutual funds, separate accounts and private investment funds. Its customer base includes institutions and financial intermediaries.

The company manages seven different mutual funds in both the traditional and alternative strategies area, including small, mid and large capitalization equity funds. Diamond Hill Investment Group, Inc. also manages a long-short equity fund and a long-short financial fund.