Commenting on his appointment, Doug Jamieson said, "We are delighted to have an individual of Terry's background to head up the investment partnership business. Terry has an in-depth understanding of the industry and will be instrumental in contributing to our objective of accelerating the growth of our hedge fund group."

Terry Clancy stated, "I look forward to working with Gabelli. The firm has a reputation for delivering consistent returns to its partners. We look forward to helping to facilitate further growing this great investment firm's outstanding alternative investment businesses."

Mr. Clancy, who will report to GAMCO Investors' Chief Executive Officer, was formerly with Citigroup Asset Management, where he served as on the CAM Management Committee and a Director and Deputy CFO, since 2004. Prior to joining CAM, Mr. Clancy was with Merrill Lynch & Company, where he played several roles in the Private Client Group prior to becoming Chief of Staff for the CEO. Mr. Clancy had previously spent eleven years with JP Morgan & Company in a variety of financial and accounting roles. A CPA, Mr. Clancy joined Arthur Young & Company following graduation from Notre Dame with a BBA in Accountancy.

As of June 30, 2006, GAMCO Investors, Inc., through its subsidiaries, manages $26.7 billion in assets of private advisory accounts (GAMCO), mutual funds and closed-end funds (Gabelli Funds, LLC), and partnerships and offshore funds (Investment Partnerships).