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Rating:Gamco's Profits Plunge as Flows Boom Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, February 08, 2012

Gamco's Profits Plunge as Flows Boom

News summary by MFWire's editors

The Gabelli [profile] mutual funds boomed last year, even as their parent suffered. Yesterday Rye, New York-based Gamco Investors revealed in its fourth quarter earnings report that its open-end equity mutual fund assets under management climbed 9.1 percent year-over year to $12.3 billion on December 31, 2011, thanks to a 20 percent inflow boom to $1.3 billion for the year.

The open-end Gabelli funds brought in $119.6 million in revenue last year, an increase of 23.9 percent.

Overall, Gamco's net income fell 10.1 year-over-year to $0.89 per share in Q4 2011. According to Seth Jayson of the Motley Fool, that still put Gamco almost six percent of analysts' estimate of $0.84 per share. 

Edited by: Neil Anderson, Managing Editor

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