Wed, Aug. 19, 11:39 AM
- Just-reported numbers from Schwab are staggering: Over the last year, Schwab customers poured a net $32.8B into ETFs and just $253M into mutual funds.
- Since the end of 2008, the market share for actively-managed funds has slipped to 71% from 81%, and in just the first seven months of this year investors pulled a net $107.2B from mutual funds.
- Gamco (GBL +0.9%) - where old-fashioned stock-picking is still king - made its chairman and CEO Mario Gabelli the highest-paid man on Wall Street at $88.5M in 2014. The stock's off nearly 30% so far in 2015.
- Still doing business the way he has for nearly four decades, Gabelli calls the index and ETF funds garnering the bulk of new investment money "mindless investing." Gamco's fees are among the largest in the industry, averaging $160 for every $10K invested versus $120 for peers and $70 for passive funds.
- Gabelli's largest public mutual fund, the $3.7B Small Cap Growth Fund (MUTF:GCASX), has retuned 1.49% this year, beating the benchmark Russell 2000 by six basis points. Over the last five years, it's returned an average 15%, lagging the Russell 2000 by about 100 basis points.
- Source: WSJ
Wed, Aug. 5, 5:09 PM
Wed, Aug. 5, 12:21 PM
Tue, May 5, 5:54 PM
Tue, May 5, 5:42 PM
Mon, Apr. 13, 10:19 AM
- Believing the sum is greater than the whole, Gamco (GBL +0.4%) after the close on Friday announced its intention to pursue a split into two publicly-traded companies.
- Chairman and CEO Mario Gabelli will continue to lead Gamco - the traditional asset management business - as well as having an active executive role in the newly created entity.
- Expect a formal registration filing soon.
- The stock gained 3% on Friday.
- Source: Press release
Tue, Feb. 3, 5:34 PM
Nov. 7, 2014, 5:41 PM
- Gamco Investors, Inc. (NYSE:GBL) declares $0.07/share quarterly dividend, 17% increase from prior dividend of $0.06.
- Forward yield 0.33%
- Payable Dec. 30; for shareholders of record Dec. 16; ex-div Dec. 12.
- Additionally, the board declared $0.25/share special dividend payable along with quarterly dividend.
Nov. 7, 2014, 5:32 PM
Aug. 5, 2014, 6:57 PM
Jul. 24, 2014, 4:42 AM
- U.S. regulators have voted 3 to 2 to pass the new restrictions on the $2.6T U.S. money market industry to avoid a recurrence of the jeopardized corporate lending which arose during the 2008 financial crisis.
- The rules "will reduce the risk of runs in money market funds and provide important new tools that will help further protect investors and the financial system," says SEC chairwoman Mary Jo White.
- Related tickers: BLK, SCHW, BAC, FII, TROW, EV, BEN, GBL
Jul. 23, 2014, 2:26 AM
- U.S. regulators are expected to approve new rules that force prime money funds held by corporations or large institutions to float their share price instead of the stable $1 per share NAV.
- The new rules are aimed at avoiding a repeat of the investor stampede out of the $2.6T industry, which endangered corporate lending during the financial crisis.
- Additionally, the SEC's new plan will include a second provision which will limit access or impose fees on investors if they redeem shares in times of market tumult.
- Related tickers: BLK, SCHW, BAC, FII, TROW, EV, BEN, GBL
Jun. 25, 2014, 12:35 PM
- Yes, asset-management execs are seeing nice gains in compensation, but the real issue for the asset managers, according to consultancy kasina, are the fast-rising costs of their wholesaler arrangements.
- Compensation and benefits costs at 17 studied publicly traded asset managers rose at twice the rate of fee revenues, says the report. The "plans are not healthy," says kasina's Jeffrey Strange, speaking about external wholesaler compensation.
- The report notes compensation and benefits have grown to 36% of asset-based fees from 31% three years ago. "Long-term industry trends argue strongly for asset managers to evolve their plans or risk seeing diminished wholesaling efficiency and firm margins."
- Among those studied: BlackRock (BLK +0.3%), T. Rowe Price (TROW +0.3%), Eaton Vance (EV -0.2%), Franklin Templeton (BEN -0.3%), and Gamco (GBL +0.3%).
May 6, 2014, 5:43 PM
Apr. 10, 2014, 3:21 PM
- The latest data from Invesco (IVZ -2.1%) suggests U.K.-related attrition is manageable and no major increase in retail redemptions have taken place, says Citi's William Katz, maintaining his Buy rating and $47 price target.
- At Artisan Partners Asset Mangement (APAM -8.1%), however, inflows appear to have disappeared, leaving the firm with small outflows. "We suspect the acceleration in U.S. Value outflows may be related to a lumpy mandate loss while we are encouraged by the initial disclosure of assets for High Yield," says Katz, maintaining his Buy rating and $72 price target.
- Taken together, and adding in figures from Franklin Resources (BEN -2.2%), "point(s) to uninspiring equities flows, which likely suggest tough(er) flow backdrop for the industry at large." Standing out, says Katz, may be Waddell & Reed (WDR -3.7%) which announced $3.5B in inflows QTD back in early March.
- Others: Gamco Investors (GBL -3.1%), Calamos (CLMS -0.6%), Janus (JNS -2.5%), T. Rowe Price (TROW -2.2%), AllianceBernstein (AB -1.9%), Affiliated Managers (AMG -5%), Federated Investors (FII -1.5%).
Mar. 4, 2014, 4:47 PM
- A number of asset manager names were big movers to the upside today, none more than Calamos Asset Management (CLMS +11.1%) which shot higher on about 4x its normal volume. There was a minor insider buy - Chairman and CEO John Calamos buying about $250K worth yesterday - but other than that no evident news.
- Others: WisdomTree (WETF +5.1%), Gamco (GBL +9.3%), Janus (JNS +4.1%), Federated (FII +4.1%), Artisan Partners (APAM +4.5%), Cohen & Streers (CNS +2.8%).
GBL vs. ETF Alternatives
GAMCO Investors, Inc is a provider of investment advisory services. It provides services to mutual funds, institutional and private wealth management investors, and investment partnerships, mainly in the United States.
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