Gabelli Asset Management reported third quarter earnings of $0.43 per diluted share, missing analysts' expectations by $0.05.

Total assets under management were $27.3 billion, down three percent from $28.2 billion the quarter before. Mutual fund assets at the end of the third quarter also dropped three percent from the quarter before, from $13.2 billion to $12.8 billion.

Gabelli lost ground in all categories of mutual funds this quarter, with assets in open-ended mutual funds dropping the most, from $7.9 billion at the end of the second quarter to $7.5 billion at the end of the third.

The Rye, New York-based money manager also warned that fourth quarter revenues would take a hit based on a sub-advisory client loss. The client, who has been with Gabelli for four years, will remove one of its three portfolios with the firm. Gabelli did not disclose the size of the portfolio.  

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