GAMCO Investors

{{Short description|Provider of brokerage services to mutual funds and investors based in New York}}

{{Infobox company

| name = GAMCO Investors, Inc

| logo = GAMCO LOGO.jpg

| type = Public

| traded_as = {{OTCQX|GAMI}}
Russell 2000 Index component

| industry = Financial services

| foundation = {{Start date|1976}}

| founder = Mario Gabelli

| location_city = Rye, New York

| location_country = United States

| key_people = Mario Gabelli (CEO and Chairman)

| services = Investment adviser, Brokerage firm

| aum = US$31.1 billion (December 31, 2023)https://gab-pr.s3.us-east-2.amazonaws.com/Release_GAMI_20240103.pdf {{Bare URL PDF|date=August 2024}}

| owner = Mario Gabelli (72%)

| num_employees =

| divisions = Gabelli Funds

| homepage = {{URL|https://www.gabelli.com/}}

| footnotes =

| bodystyle =

}}

GAMCO Investors, Inc., formerly known as Gabelli Asset Management Company, is an American provider of investment advice and brokerage services to mutual funds, institutional and select investors based in Rye, New York.{{Cite web|url=http://gamcoinvestors.com/corporate/about_us.cfm|title=Our Firm|website=GAMCO Investors, Inc.|access-date=2018-02-07}} It was founded by and is majority owned by Mario Gabelli, who has cumulatively earned more than $750 million in compensation from the company.{{Cite news|url=https://dealbook.nytimes.com/2013/05/03/mario-gabelli-the-750-million-man/|title=Mario Gabelli, the $750 Million Man|last=McGeehan|first=Patrick|work=DealBook|date=3 May 2013 |access-date=2018-02-07|language=en}}

History

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 [https://www.nyse.com/quote/XNYS:GBL GBL].{{Cite web|url=http://www.nasdaq.com/markets/ipos/company/gamco-investors-inc-et-al-364-4690|title=GAMCO INVESTORS, INC. ET AL (GBL) IPO|website=NASDAQ.com|language=en-us|access-date=2018-02-07}}{{Cite news|url=https://www.barrons.com/articles/SB918259194836048500|title=Gabelli Firm Nears Its IPO Date|last=Ward|first=Sandra|date=1999-02-08|work=Barron's|access-date=2018-02-08|language=en-US|url-access=subscription }} Per an agreement with the company upon its IPO, Mario Gabelli received 10 percent of its pretax profits in compensation.{{Cite news|url=https://dealbook.nytimes.com/2006/05/04/gabelli-settles-suit-with-original-backers/?mtrref=query.nytimes.com|title=Gabelli Settles Legal Dispute With Early Backers|last=Dealbook|work=DealBook|date=4 May 2006 |access-date=2018-02-07|language=en}}

In August 2005, the company elevated the brand name 'GAMCO' from its asset management business to become the name of the entire company.{{Cite news|url=http://www.pionline.com/article/20050415/ONLINE/504150715/gabelli-asset-asking-shareholders-for-name-change|title=Gabelli Asset asking shareholders for name change|date=2005-04-15|work=Pensions & Investments|access-date=2018-02-08|language=en-US}}{{Cite web|url=https://www.gabelli.com/Gab_pdf/PRs/GBL_29Aug2005.pdf|title=GAMCO Investors, Inc. Name Change Effective|date=2005-08-29|website=GAMCO Investors}}

Lawsuits and Investigations

In 1992, Gabelli and GAMCO were under an investigation by the Federal Communications Commission that was later settled.{{Cite news|url=https://www.nytimes.com/1992/12/06/business/wall-street-gabelli-discovers-an-escape-route.html|title=Wall Street; Gabelli Discovers an Escape Route|last=Antilla|first=Susan|date=1992-12-06|work=The New York Times|access-date=2018-02-07|language=en-US|issn=0362-4331}}

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.{{Cite news|url=https://www.nytimes.com/2005/09/25/business/super-mario-has-a-super-headache.html|title='Super Mario' Has a Super Headache|last=Sorkin|first=Andrew Ross|date=2005-09-25|work=The New York Times|access-date=2018-02-07|language=en-US|issn=0362-4331}} 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.{{Cite news|url=http://query.nytimes.com/gst/abstract.html?res=9E06E3D61E3FF936A35756C0A9609C8B63|title=Gabelli Settles Investor Suit for $100 Million|last=Sorkin|first=Andrew Ross|date=2006-05-05|work=The New York Times|access-date=2018-02-07|language=en-US|issn=0362-4331}}

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.{{Cite news|url=https://dealbook.nytimes.com/2006/03/08/us-joins-fraud-suit-against-mario-gabelli/?mtrref=query.nytimes.com|title=U.S. Joins Fraud Suit Against Mario Gabelli|last=Dealbook|work=DealBook|date=8 March 2006 |access-date=2018-02-07|language=en}} The company, along with Gabelli, agreed to a settlement in June 2006.{{Cite news|url=https://www.nytimes.com/2006/06/07/business/07mario.html|title=Gabelli Settles Federal Suit Accusing Him of Deceit on Wireless Licenses|last=Creswell|first=Julie|date=2006-06-07|work=The New York Times|access-date=2018-02-07|language=en-US|issn=0362-4331}}

The company offered to settle an investigation by the U.S. Securities and Exchange Commission in exchange for $3 million in 2007.{{Cite news|url=https://www.nytimes.com/2007/02/23/business/23gamco.html|title=Gamco Offers to Settle S.E.C. Inquiry|agency=Reuters|date=2007-02-23|work=The New York Times|access-date=2018-02-07|language=en-US|issn=0362-4331}}

References

External links

[http://www.gamcoinvestors.com Official website]

Category:Financial services companies established in 1976

Category:Companies based in Westchester County, New York

Category:Investment management companies of the United States

Category:Companies listed on the New York Stock Exchange

Category:Asset management companies