Gabelli Asset Management
was off the mark this quarter, reporting $0.42 of diluted earnings per share, compared to analysts' expectations of $0.49 per diluted share.
Total assets under management were $28.048 billion, down two percent from the end of the fourth quarter.
Mutual funds assets, which made up 48 percent of total AUM at the end of March also dropped by two percent quarter over quarter from $13.9 billion to $13.6 billion. While equity mutual funds saw positive net cash flows, market depreciation wiped out any gains. Fixed income mutual fund assets, meanwhile, experienced an opposite trends -- net cash flows were negative but there was slight positive market appreciation.
Assets in institutional and high net worth separate accounts were down two percent, quarter over quarter, due to both market depreciation and net negative cash flows.
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