UPDATE 1-Mario Gabelli firm Gamco has 4th-qtr loss

NEW YORK, Feb 13 (Reuters) - Gamco Investors Inc (GBL.N), the money management firm run by prominent investor Mario Gabelli, on Friday posted a fourth-quarter loss, stemming largely from investment losses.

The net loss for the Rye, New York-based company was $12.1 million, or 44 cents per share, and compared with a profit of $24.1 million, or 84 cents, a year earlier.

The results reflected investment losses, including in closed-end funds, of $36.3 million, or 72 cents per share.

Revenue fell 44 percent to $50.1 million from $89 million, as assets under management tumbled by one-third to $20.7 billion from $31 billion. The company said net asset flows were positive in the fourth quarter.

Analysts on average expected profit of 8 cents per share on revenue of $51.7 million, according to Reuters Estimates.

Gamco shares closed Friday up $1.35, or 3.9 percent, at $36.21. They have fallen 47 percent from their 52-week high set on Sept. 26. (Reporting by Jonathan Stempel; Editing by Gary Hill)