Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:One Gabelli, Two Gamcos? Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, April 13, 2015

One Gabelli, Two Gamcos?

News summary by MFWire's editors

Mario Gabelli is preparing to split his company in two.

On Friday the star PM and chairman and CEO (and founder) of Gamco Investors [profile] unveiled plans to divide the 37-year-old Rye, New York-based asset manager into two publicly traded companies. Josh Beckerman of the Wall Street Journal reported on the news. The company promises to file for the plan soon with the SEC.

Kevin Handwerker, executive vice president and general counsel at Gamco, tells the WSJ that the traditional asset management business (which includes its mutual funds and separate accounts) would remain under the Gamco label. Handwerker adds that the piece that would spinoff would include Gamco's existing alternatives and broker-dealer businesses. And Gabelli himself explained the idea and what his role will be in the two companies post-split:

We went public sixteen years ago in 1999. We are now preparing for the next sixteen years as a public company and the next thirty-seven years as a business. We are doing this by creating an enhanced economic opportunity and growth platforms for our clients, teammates and owners. I plan to continue to serve as Chairman and CEO of GAMCO, our traditional asset management business, as well as having an active executive role during the initial formation of our newly created separate entity (Spinco [emphasis added]).


The WSJ notes that Gabelli says "he likes to invest in companies that have a history of splitting off successful businesses, and then invest in both companies."

Gamco trades on the NYSE under the ticker GBL. As of market close on Friday, before the split news broke, its market cap stood at $2.02 billion. That translates into a valuation of 4.25 percent of Gamco's December 31 assets under management of $47.5 billion. 

Edited by: Neil Anderson, Managing Editor


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2020: Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2020
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use