Marc Gabelli said "we are delighted to expand and diversify our partnership offerings by adding Iain Smith to our growing alternative investments business."

Mario J. Gabelli added that "the addition of Iain Smith adds depth to our portfolio management and research team and his knowledge and experience will be particularly beneficial given recent volatility in the energy sector."

Prior to founding Grove in 2000, Mr. Smith was a Managing Director at Eastgate Management, directing the firm's fundamental and technical research for stock selection in the energy and energy service sectors. Before joining Eastgate, he was a senior oil-service analyst at Rodman & Renshaw, Inc. Iain started his energy investment career at Gabelli & Company, Inc. after moving to United States from England in 1994. He graduated with honors from Loughborough University, England and received his MBA from Columbia Business School.

Iain Smith commented that "I started my investment career at Gabelli, and I am extremely excited about rejoining Gabelli Asset Management as part of the portfolio management and research team. I see this step as a tremendous opportunity to grow the assets of an energy focused hedge fund and to help in the continued development of Gabelli's research expertise in the oil, gas, power and related sectors."

Gabelli Asset Management Inc. through its subsidiaries manages assets in mutual funds and closed-end funds (Gabelli Funds LLC), partnerships (Alternative Investment Group) and private investment advisory accounts (GAMCO).