Mario Gabelli is on the hunt for a chief financial officer, even as he prepares to split his company in two.

After market close on Friday Gabelli revealed that Gamco Investors [profile] CFO Bob Zuccaro will resign on July 1. The move comes as Gabelli, CEO and chairman of the Rye, New York-based asset manager, is working on dividing the company in two, with Gamco's alternatives and broker-dealer business spinning off as a new entity. The traditional asset management business (including both mutual funds and separately managed accounts) would remain with Gamco Investors.

"We basically want to build up our hedge fund business," Gabelli tells MFWire.

Gabelli adds that Gamco may share offices with the planned spinoff. He points to the spinoff six years ago of Teton Advisors, advisor to the Gamco Westwood funds (now called the Westwood funds).

Gabelli confirms that there are "some internal candidates" for succeeding Zaccaro at the 220-person company. And of course the spin-off would have its own CFO, too.

Zuccaro first joined Gamco in 1998 as controller and rose to CFO before leaving in 2003. The release notes that Zuccaro "was instrumental in helping the company with its initial public offering" in 1999. He rejoined Gamco in 2011 as CFO. He's also worked at Commonwealth Management Partners, NFP, Cybex International, Shearson Lehman Brothers, and Ernst & Young. He's an alumnus of C.W. Post College.

"Bob has served us well as our Chief Financial Officer and he has contributed significantly to our firm," Gabelli states. "We are delighted that he will assist us in finding a replacement for himself as well as serve with us as a consultant through the end of 2015."

Gamco had $47.5 billion in assets under management as of December 31. 

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