GAMCO Investors, Inc., the advisor to the Gabelli funds, reported net income for the third quarter of $19.4 million, or $0.64 per diluted share, far above analysts' expectations of $0.50 per share. Gabelli's year-ago net income was $13.0 million, or $0.43 per diluted share.

Total assets under management were $27.6 billion at the end of the third quarter, up 1.4 percent from the same period last year, but unchanged from the quarter before.

Mutual fund assets totaled $13.6 billion, up two percent from the quarter before and up 6.4 percent from the same period last year. Both equity and fixed income funds experience net outflows, but equities gained due to $540 million in market appreciation.

Institutional, high-net worth and separate account assets dropped from $13.5 billion in the second quarter to $13.3 billion in the third quarter. Compared to the year-ago period, institutional, HNW and separate account assets fell two percent.  

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