Mario Gabelli's Gamco Investors late Tuesday issued estimates for its first quarter results. The Rye, New York-based firm anticipates earnings of $0.29 to $0.31 per diluted share, compared to $0.37 per diluted share in the year-ago quarter.

Assets under management totaled $18.5 billion at the end of March, down 8.4 percent from $20.2 billion at the end of 2008 and down 34.6 percent from $28.3 billion in end-March 2008. The December 31, 2008 and March 31, 2008 figures do not include Teton Advisors' AUM of $450 million and $431 million, respectively.

Gamco spun off Teton on March 20 of this year (see The MFWire, 02/25/09).

Gabelli, one of the highest paid fund executives, started Gamco in 1977.

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Company Press Release RYE, N.Y.--(BUSINESS WIRE)--GAMCO Investors, Inc. (NYSE: GBL - News) announced today preliminary earnings estimates for the quarter ended March 31, 2009 of $0.29 to $0.31 per diluted share versus $0.37 per diluted share in the comparable 2008 quarter.

Assets Under Management (AUM) were $18.5 billion as of March 31, 2009, 8.4% lower than December 31, 2008 AUM of $20.2 billion and 34.6% below March 31, 2008 AUM of $28.3 billion. The December 31, 2008 and March 31, 2008 AUM exclude Teton Advisors, Inc.’s AUM of $450 million and $431 million, respectively, due to the spin-off of Teton on March 20, 2009. We will be issuing further details on our financial results in early May.

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.).  

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