Saturday, November 09, 2019 9:26:53 PM
https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.associated-capital-group.com/Gab_pdf/SEC/2017_Annual.pdf&ved=2ahUKEwi8tLKmyt7lAhVCJt8KHYaoC4AQFjAIegQIBBAB&usg=AOvVaw0jt5EkpQdlLAuJFoloMbKL
Through G.research, doing business as “Gabelli & Company”, we provide institutional research services and act as
an underwriter. G.research is regulated by FINRA. G.research’s revenues are derived primarily from institutional
research services, underwriting fees and selling concessions. Our research analysts are industry-focused, following
sectors based on our core competencies. They research companies across market capitalizations on a global basis.
The primary function of the research team is to gather data, array the data, and then project and interpret data from
which investment decisions can be made. Analysts publish their insights in the form of research reports and daily
notes. In addition, G.research hosts conferences which bring together industry leaders and institutional investors.
The objective of institutional research services is to provide superior investment ideas to investment decision
makers. A significant portion of our institutional research services and underwriting revenues are from GAMCO and
its affiliates. We can provide no assurance that GAMCO and its affiliates will continue to use our institutional
research and underwriting services to the same extent in the future.
Analysts are generally assigned to research platforms, overseen by a senior analyst, whose role is to ensure a
consistent process, enhance idea cross-fertilization and knowledge-sharing. Our research platforms include Digital,
which includes cable, telecommunications, broadcasting, publishing, advertising, entertainment and technology;
Utilities and Energy; Consumer, Health and Wellness; Aerospace and Capital Goods; Natural Resources; and
Financial Services.
G.research generates institutional research services revenues via hard dollar payments or through securities
transactions executed on an agency basis on behalf of clients. Clients include institutional investors (e.g., hedge
funds and asset managers) as well as affiliated mutual funds and managed accounts. Institutional research services
revenues totaled $12.2 million, $12.6 million, and $9.9 million for the years ended December 31, 2017, 2016 and
2015, respectively. Pursuant to research services agreements, GAMCO Asset Management Inc. paid $2.2 million,
$1.5 million and $0.7 million and Gabelli Funds, LLC paid $2.3 million, $1.5 million and $0.8 million to the
Company for the years ended December 31, 2017, 2016 and 2015, respectively. Gabelli Funds, LLC and GAMCO
Asset Management Inc. are both wholly-owned subsidiaries of GAMCO. G.research earned $4.5 million, $5.2
million and $4.9 million, or approximately 60%, 63% and 59%, of its commission revenue from transactions
executed on behalf of funds advised by Gabelli Funds, LLC, and clients advised by GAMCO Asset Management
Inc. for the years ended December 31, 2017, 2016 and 2015, respectively. G.research continues to pursue expansion
of third party and affiliated activities.
^^^That last sentence is money ^^^
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