's Gamco Investors
has completed the spin-off Teton Advisors, Inc.
, the adviser to the Gamco Westwood
family of funds.
, a Trust Company of the West veteran who joined Teton last July as president and CEO (see The MFWire,
05/27/08), will continue to run the firm.
According to the information statement for shareholders on the firm's website, Jeffrey Farber
will also continue to serve as the chief financial officer of Teton after the spin-off.
Faber told The MFWire
that the branding on the funds will not be changed. The six funds collectively had AUM of $400 million as of end-2008.
The plan for the spin-off was first put forward in a shareholders meeting in the fall of 2007, Faber said.
Each shareholder of GBL will receive 14.930 shares of Teton for each 1,000 shares of GBL owned as of the record date of March 10, 2009. The distribution date is March 20, 2009.
Company Press Release
RYE, N.Y.--(BUSINESS WIRE)--GAMCO Investors, Inc. (NYSE: GBL) announced today the completion of the previously disclosed plan to distribute shares in the majority-controlled investment adviser, Teton Advisors, Inc., the adviser to the GAMCO Westwood family of funds to shareholders.
An “information statement” describing the spin-off of Teton is available on GAMCO’s web site - www.gabelli.com. Each shareholder of GBL on the record date for this transaction, March 10, 2009, will receive 14.930 shares of Teton for each 1,000 shares of GBL which the shareholder owns on the record date. The distribution date is March 20, 2009. The Teton shares will not trade for a period of 6 months from the effective date.
Nicholas F. Galluccio, President & CEO of Teton, joined Teton in July 2008 to spearhead the growth and distribution of the company’s six funds. GAMCO believes that the value of this advisor can be increased more effectively as a separate company, and its spin-off will also enable the company to sharpen its focus on its core operations. In other words, the spin-off should enhance shareholder value both at GBL and in the assets and growth prospects of Teton Advisors.
GAMCO Investors, Inc., through its subsidiaries, manages private advisory accounts (GAMCO Asset Management Inc.), mutual funds and closed-end funds (Gabelli Funds, LLC), and partnerships and offshore funds (Gabelli Securities, Inc.). As of December 31, 2008, assets under management (AUM) were $20.7 billion.
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