Gabelli & Company is once again covering the asset management sector. The new lead analyst is Mac Sykes, who joined Gabelli in October of last year. Sykes, an alumnus of Prudential Securities, Credit Suisse and DLJ, released his first report on Wednesday, issuing "buy" recommendations on BlackRock, Janus Capital Group, Legg Mason and Waddell & Reed.

"Despite the dramatic events of 2008 and their impact on the operating businesses, we believe in the sector’s long-term positive fundamentals," Sykes wrote. "This group also offers exposure to financials with low viability risk and high degree of recurring revenues."

Gabelli & Company is the institutional research and brokerage unit of Gamco Investors, which also owns Gabelli Funds and Gamco Asset Management. 

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