Profile: GAMCO Investors Inc (GBL.N)

GBL.N on New York Stock Exchange

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GAMCO Investors, Inc. (GBL), incorporated in April 1998, is a provider of investment advisory services to mutual funds, institutional and private wealth management investors, and investment partnerships, principally in the United States. The Company provides institutional research services to institutional clients and investment partnerships. It manages assets on a discretionary basis and invests in a range of United States and international securities through various investment styles. GBL’s revenues are based primarily on the firm’s levels of assets under management (AUM) and to a lesser extent, incentive fees associated with its various investment products. Its AUM is organized into four groups: Investment Partnerships, Institutional and Private Wealth Management, Open and Closed-End Funds and SICAV. GBL markets most of its products under the Gabelli and GAMCO brand names. Specialty brands offered to investors include Mathers, Comstock and Westwood.

The Company provides advisory services to one fund under the GAMCO brand, the GAMCO International SICAV. This fund has two sub-fund strategies within it, the GAMCO Merger Arbitrage Fund and the GAMCO Strategic Value Fund. GAMCO and other brands offer its clients a range of investment strategies that include global, growth, international and convertible products. GBL also offers a series of investment partnership (performance fee-based) vehicles that provide a series of long-short investment opportunities, both market and sector specific opportunities, including offerings of non-market correlated investments in merger arbitrage, as well as a fixed income strategy. GBL conducts its investment advisory business principally through its subsidiaries: GAMCO Asset Management Inc. (Institutional and Private Wealth Management), Gabelli Funds, LLC (Funds Advisor) (Mutual Funds) and Gabelli Securities, Inc. (GSI) (Investment Partnerships).

The Company acts as an underwriter and provides institutional research services through Gabelli & Company, Inc. (Gabelli & Company). G.distributors, LLC (G.distributors) acts as an underwriter and distributor of its open-end funds. Through Funds Advisor, the Company acts as advisor to all of the Funds, except with respect to the Gabelli Capital Asset Fund for which it acts as a sub-advisor. Guardian Investment Services Corporation, an unaffiliated company, acts as manager.

Institutional and Private Wealth Management

GBL provides advisory services to a range of investors, including private wealth management, corporate pension and profit-sharing plans, foundations, endowments, jointly-trusteed plans and municipalities, and also serve as sub-advisor to certain other third party investment funds, including registered investment companies (Institutional and Private Wealth Management (PWM)). The Company provides investment management services through its subsidiary GAMCO to a range of institutional and private wealth investors. As of December 31, 2011, it had AUM in approximately 1,700 Institutional and Private Wealth Management accounts, representing approximately 39.5% of its total AUM. As of December 31, 2011, GBL provided advisory services to a range of investors, the majority of which (in total number of accounts) are private wealth management client accounts.

As of December 31, 2011, Institutional client accounts, which include corporate pension and profit sharing plans, jointly-trusteed plans and public funds, represented approximately 46% of the Institutional and Private Wealth Management assets and 8% of the accounts. Private Wealth Management accounts consist of approximately 81% of the total number of Institutional and Private Wealth Management accounts and approximately 25% of the Institutional and Private Wealth Management assets, as of December 31, 2011. Foundation and endowment fund assets represented 10% of the number of Institutional and Private Wealth Management accounts and approximately 9% of the Institutional and Private Wealth Management AUM. The sub-advisory portion of the Institutional and Private Wealth Management (where it acts as sub-advisor to certain other third party investment funds) held approximately 19% of total Institutional and Private Wealth Management assets with less than 1% of total the number of accounts. GBL acts as a sub-advisor on certain funds for several fund distributors.

Open and Closed-End Funds

Funds Advisor provides advisory services to 21 open-end funds and 10 closed-end funds under Gabelli, GAMCO and Comstock brands (collectively, the Funds). In addition, it provides administrative services to six open-end funds under the GAMCO Westwood brand. GAMCO is the brand for its Growth business, which is primarily represented by The GAMCO Growth Fund, The GAMCO Global Growth Fund, and The GAMCO International Growth Fund. GAMCO also includes other distinct investment strategies and styles, including its convertible securities, contrarian funds and covered call writing strategies. The seven GAMCO branded open-end funds are GAMCO Growth, International Growth, Global Telecommunications, Global Growth, Global Opportunity, Vertumnus Fund and Mathers.

The Gabelli brand represents its Value business, primarily representing its absolute return, research-driven Private Market Value (PMV) with a Catalyst funds. The GAMCO Global Telecommunications Fund is a value portfolio but retains the GAMCO name. The Gabelli brand also includes The Gabelli Dividend Growth Fund and The Gabelli Focus Five Fund, as well as most of the closed-end funds. GBL markets its open-end funds through third party distribution programs, particularly no-transaction fee (NTF) programs, and has developed additional share classes for many of its funds for distribution through additional third party distribution channels. As of December 31, 2011, third party distribution programs accounted for approximately 82% of all assets in open-end equity funds. As of December 31, 2011, approximately 18% of GBL’s AUM in open-end, equity funds was sourced through direct sales relationships.

GBL acts as investment advisor to ten closed-end funds, all of which trade on the New York Stock Exchange (NYSE) or its affiliated exchange: Gabelli Equity Trust (GAB), GDL Fund (GDL), Gabelli Multimedia Trust (GGT), Gabelli Healthcare & Wellness Rx Trust (GRX), Gabelli Convertible and Income Securities Fund (GCV), Gabelli Utility Trust (GUT), Gabelli Dividend & Income Trust (GDV), Gabelli Global Utility & Income Trust (GLU), GAMCO Global Gold, Natural Resources & Income Trust by Gabelli (GGN) and GAMCO Natural Resources, Gold & Income Trust by Gabelli (GNT). As of December 31, 2011, the 10 Gabelli closed-end funds had 29.1% of the total assets in its Mutual Funds business. The Gabelli Equity Trust has distributed cash to common shareholders through its 10% distribution policy and spawned three other closed-end funds, the Gabelli Multimedia Trust, the Gabelli Utility Trust and the Gabelli Healthcare & Wellness Rx Trust. In January 2011, GBL started the GAMCO Natural Resources, Gold & Income Trust by Gabelli (GNT), which is a closed-end fund.

Investment Partnerships

The Company provides advisory services to limited partnerships and offshore funds (Investment Partnerships). GBL manages Investment Partnerships through its 93% majority-owned subsidiary, GSI. The Investment Partnerships consist primarily of limited partnerships and offshore funds. As of December 31, 2011, it offers a range of absolute return products. As of December 31, 2011, GBL offers three sector-focused portfolios: the Gabelli International Gold Fund Ltd., GAMA Select Energy Plus, L.P. and GAMCO Medical Opportunities, L.P. Venture capital activities are carried out through ALCE Partners, L.P. and Gabelli Multimedia Partners, L.P., both of which are closed to new investors.

Mutual Fund Distribution, Institutional Research, Brokerage and Underwriting

Gabelli & Company, the wholly owned subsidiary of its 93% majority-owned subsidiary GSI, is a broker-dealer. Gabelli & Company's revenues are derived primarily from institutional research services and, through July 31, 2011, distribution fees, underwriting fees and selling concessions. G.distributors, a wholly owned subsidiary, is a broker-dealer. G.distributors' revenues, effective August 1, 2011, are derived primarily from the distribution of its open-end funds. Until July 31, 2011, Gabelli & Company and effective August 1, 2011, G.distributors, distributed its open-end funds pursuant to distribution agreements with each fund. G.distributors also offers its open-end Fund products through its Website, www.gabelli.com, where directly registered mutual fund investors can access their personal account information and buy, sell and exchange Fund shares.

Gabelli & Company generates institutional research services revenues through brokerage activities from securities transactions executed on an agency basis on behalf of institutional and private wealth management clients, as well as from retail customers and mutual funds. During the year ended December 31, 2011, Gabelli & Company participated as agent in the secondary offerings of The GAMCO Global Gold, Natural Resources & Income Trust by Gabelli and acted as Dealer Manager for The GDL Fund's Series B Cumulative Puttable and Callable Preferred Share Rights Offering.

Company Address

GAMCO Investors Inc

One Corporate Center
RYE   NY   10580-1422
P: +1914.9215100
F: +1914.9213710

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