GAMCO Investors

GAMCO Investors, Inc
Public
Traded as NYSE: GBL
Industry Financial Services
Founded 1976 (1976)
Founder Mario Gabelli
Headquarters Rye, New York, United States
Key people
 Mario Gabelli (CEO and Chairman)
Services Investment adviser, Brokerage firm
AUM US$41.3 billion (2017)
Owner Mario Gabelli (72%)
Divisions Gabelli Funds
Website www.gamcoinvestors.com

GAMCO Investors, Inc., formerly known as Gabelli Asset Management Company, is a provider of investment advice and brokerage services to mutual funds, institutional and select investors based in Rye, New York.[1] It was founded by and is majority owned by Mario Gabelli, who has cumulatively earned more than $750 million in compensation from the company.[2]

History

The company was founded in 1976 to provide discretionary investment services to a broad spectrum of investors.[1] In February 1999, the company held an IPO on the New York Stock Exchange under the symbol GBL.[3][4] Per an agreement with the company upon its IPO, Mario Gabelli received 10 percent of its pretax profits in compensation.[5]

In August 2005, the company elevated the brand name 'GAMCO' from its asset management business to become the name of the entire company.[6][7]

Lawsuits and Investigations

In 1992, Gabelli and GAMCO were under an investigation by the Federal Communications Commission that was later settled.[8]

In March 2006, a judge determined Mario Gabelli had unfairly prevented Frederick J. Mancheski, a long time investment partner, and David M. Perlmutter, Gabelli's former lawyer, from selling their shares in Gabelli Group Capital Partners at fair market value.[9] In the settlement, Gabelli paid the couple $100 million that would amount to a total of 2.1 million GAMCO shares, then worth about $80 million, and more than $20 million in cash.[10][5]

Also in 2006, Gabelli faced a civil investigation from the U.S. Department of Justice as to whether he purposefully deceived the FCC when bidding to purchase segments of the wireless spectrum.[11] The company, along with Gabelli, agreed to a settlement in June 2006.[12]

The company offered to settle an investigation by the U.S. Securities and Exchange Commission in exchange for $3 million in 2007.[13]

References

  1. 1 2 "Our Firm". GAMCO Investors, Inc. Retrieved 2018-02-07.
  2. ↑ McGeehan, Patrick. "Mario Gabelli, the $750 Million Man". DealBook. Retrieved 2018-02-07.
  3. ↑ "GAMCO INVESTORS, INC. ET AL (GBL) IPO". NASDAQ.com. Retrieved 2018-02-07.
  4. ↑ Ward, Sandra (1999-02-08). "Gabelli Firm Nears Its IPO Date". Barron's. Retrieved 2018-02-08. (Subscription required (help)).
  5. 1 2 Dealbook. "Gabelli Settles Legal Dispute With Early Backers". DealBook. Retrieved 2018-02-07.
  6. ↑ "Gabelli Asset asking shareholders for name change". Pensions & Investments. 2005-04-15. Retrieved 2018-02-08.
  7. ↑ "GAMCO Investors, Inc. Name Change Effective" (PDF). GAMCO Investors. 2005-08-29.
  8. ↑ Antilla, Susan (1992-12-06). "Wall Street; Gabelli Discovers an Escape Route". The New York Times. ISSN 0362-4331. Retrieved 2018-02-07.
  9. ↑ Sorkin, Andrew Ross (2005-09-25). "'Super Mario' Has a Super Headache". The New York Times. ISSN 0362-4331. Retrieved 2018-02-07.
  10. ↑ Sorkin, Andrew Ross (2006-05-05). "Gabelli Settles Investor Suit for $100 Million". The New York Times. ISSN 0362-4331. Retrieved 2018-02-07.
  11. ↑ Dealbook. "U.S. Joins Fraud Suit Against Mario Gabelli". DealBook. Retrieved 2018-02-07.
  12. ↑ Creswell, Julie (2006-06-07). "Gabelli Settles Federal Suit Accusing Him of Deceit on Wireless Licenses". The New York Times. ISSN 0362-4331. Retrieved 2018-02-07.
  13. ↑ Reuters (2007-02-23). "Gamco Offers to Settle S.E.C. Inquiry". The New York Times. ISSN 0362-4331. Retrieved 2018-02-07.


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