This article needs to be updated.May 2019)(
|Traded as||NYSE: GBL|
Russell 2000 Index component
|Mario Gabelli (CEO and Chairman)|
|Services||Investment adviser, Brokerage firm|
|AUM||US$41.3 billion (2017)|
|Owner||Mario Gabelli (72%)|
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. It was founded by and is majority owned by Mario Gabelli, who has cumulatively earned more than $750 million in compensation from the company.
The company was founded in 1976 to provide discretionary investment services to a broad spectrum of investors. In February 1999, the company held an IPO on the New York Stock Exchange under the symbol GBL. Per an agreement with the company upon its IPO, Mario Gabelli received 10 percent of its pretax profits in compensation.
In June 2019, GAMCO Investors Inc. reduced its position in Citigroup Inc by 22.5% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 130,407 shares of the financial services provider’s stock after selling 37,800 shares during the period. GAMCO Investors Inc.'s holdings in Citigroup were worth $8,114,000 at the end of the most recent reporting period.
Lawsuits and Investigations
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. 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.
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. The company, along with Gabelli, agreed to a settlement in June 2006.
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- Messenger, Kelly (2019-06-11). "Gamco Investors INC. ET AL Sells 37,800 Shares of Citigroup Inc (NYSE:C)". Rockland Register. Retrieved 2019-06-13.
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- Sorkin, Andrew Ross (2005-09-25). "'Super Mario' Has a Super Headache". The New York Times. ISSN 0362-4331. Retrieved 2018-02-07.
- Sorkin, Andrew Ross (2006-05-05). "Gabelli Settles Investor Suit for $100 Million". The New York Times. ISSN 0362-4331. Retrieved 2018-02-07.
- Dealbook. "U.S. Joins Fraud Suit Against Mario Gabelli". DealBook. Retrieved 2018-02-07.
- 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.
- 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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