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Gabelli Asset Management Inc. (NYSE: GBL) reported today that a sub-advisory client has
notified the firm of their intention to transfer management of the largest of its three portfolios
managed by Gabelli to another asset manager in mid-November. The portfolio being transferred
represents approximately 3% of Gabelli's assets under management and about 1.3% of its revenues and
could result in an annualized decline in operating income of approximately 2%.
Our investment process has produced superior results since inception for these assets entrusted to
us. However, a change in the ownership of the client in 2003 soon led to a change in the portfolios'
originally designated benchmark. The Gabelli "Private Market Value (PMV) and a Catalyst" investment
approach has provided clients with superior risk-adjusted returns for over 27 years but does not
easily fit into ever-changing industry style boxes and categories.
"We will continue to work tirelessly in pursuit of our firm's mission to earn superior risk-adjusted
returns for our clients over the long term by providing value added performance through our
proprietary 'Private Market Value (PMV) and a Catalyst' fundamental research," said Doug Jamieson,
President of Gabelli Asset Management.
Gabelli Asset Management Inc., through its subsidiaries, manages approximately $27 billion in assets
of private advisory accounts (GAMCO), mutual funds and closed-end funds (Gabelli Funds, LLC), and
partnerships and offshore funds (Alternative Investment Group).
SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION
Our disclosure and analysis in this press release contain some forward-looking statements.
Forward-looking statements give our current expectations or forecasts of future events. You can
identify these statements because they do not relate strictly to historical or current facts. They
use words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and
other words and terms of similar meaning. They also appear in any discussion of future operating or
financial performance. In particular, these include statements relating to future actions, future
performance of our products, expenses, the outcome of any legal proceedings, and financial results.
Although we believe that we are basing our expectations and beliefs on reasonable assumptions within
the bounds of what we currently know about our business and operations, there can be no assurance
that our actual results will not differ materially from what we expect or believe. Some of the
factors that could cause our actual results to differ from our expectations or beliefs include,
without limitation: the adverse effect from a decline in the securities markets; a decline in the
performance of our products; a general downturn in the economy; changes in government policy or
regulation; changes in our ability to attract or retain key employees; and unforeseen costs and
other effects related to legal proceedings or investigations of governmental and self-regulatory
organizations. We also direct your attention to any more specific discussions of risk contained in
our Form 10-K and other public filings. We are providing these statements as permitted by the Private
Litigation Reform Act of 1995. We do not undertake to update publicly any forward-looking statements
if we subsequently learn that we are unlikely to achieve our expectations or if we receive any
additional information relating to the subject matters of our forward-looking statements.
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