Gabelli Asset Management has acquired hedge-fund manager Grove Investment Advisors and has hired the hedge fund's president and founder, J. Iain Smith, to function as a portfolio manager, confirmed a spokesman at Gabelli.

Smith has spent much of his career specializing in the oil, gas and power sectors, and has most recently managed a long/short hedge fund. He will join Gabelli Asset Management through the firm's Alternative Investment Group, which essentially works as a hedge fund, on November 1.

"We are delighted to expand and diversify our partnership offerings by adding Iain Smith to our growing alternative investments business,” said Marc Gabelli, head of the Gabelli Alternative Investment Group, in a release.

Smith was also a managing director at Eastgate Management and a senior oil-service analyst at Rodman & Renshaw. He actually started his energy investment career at Gabelli & Company, Inc. after moving to the United States from England in 1994.

Gabelli Asset Management, through its subsidiaries, manages assets in mutual funds and closed-end funds.  

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