US wealth manager Gabelli Asset Management, run by one of America’s leading investors, Mario Gabelli, plans to change its name to GAMCO Inve...

US wealth manager Gabelli Asset Management, run by one of America’s leading investors, Mario Gabelli, plans to change its name to GAMCO Investors. In a statement, the firm said the re-branding will better reflect the company’s overall business mix.

“While our firm is best known for its value style, we have developed a diversified product mix to serve the objectives of a broad spectrum of investors,” said the statement.

GAMCO has been the name of the firm’s asset management business since 1977. The Gabelli brand will continue to represent the value portfolios managed in the company’s absolute return, research-driven Private Market Value and Catalyst style investment philosophies.

Gabelli has made a success out of focusing on individual stock selection by identifying undervalued stocks that have a reasonable probability of realizing their estimated PMV (a price a strategic acquirer would be willing to pay for the entire enterprise) over time.

Catalysts are specific events or circumstances with varying time horizons that can trigger a narrowing of the difference between the market price of a stock and its PMV.

Mr Gabelli was famously quoted as saying: “Conventional wisdom only results in conventional returns”. His success at putting this into action has helped the firm attract more than $28 billion in assets since it was launched.