abelli 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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