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UPDATE 1-Gamco Q2 profit falls 8 pct

Thu Aug 6, 2009 6:21pm EDT

Stocks

   

* Q2 EPS $0.48 vs $0.51 last year

* AUM were $21.4 billion as of June 30

* Investment advisory fees fall 35 pct to $36 mln

Aug 6 (Reuters) - Gamco Investors Inc (GBL.N), the money management firm run by prominent investor Mario Gabelli, posted a lower quarterly profit, hurt by a 35 percent decline in its investment advisory and incentive fees.

For the second quarter, the company reported net income of $13.3 million, or 48 cents a share, compared with $14.5 million, or 51 cents, last year.

Investment advisory and incentive fees fell to about $36.0 million, from $55.1 million a year ago.

Revenue fell 31 percent to $45.2 million.

Two analysts on average expected earnings of 43 cents a share, excluding items, on revenue of $46.8 million, according to Reuters Estimates.

Shares of the Rye, New York-based company closed 2 percent down at $44.30 Thursday on the New York Stock Exchange. (Reporting by Abhinav Sharma in Bangalore; Editing by Pradeep Kurup)



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