Gabelli Group Capital Partners, Inc. Names Marc Gabelli President

RYE, N.Y.--(BUSINESS WIRE)--Sept. 4, 2003--Gabelli Group Capital Partners, Inc., the privately owned firm that is majority owner of Gabelli Asset Management Inc. (NYSE: GBL) and its subsidiaries, has elected Marc Gabelli to the newly created position of President.

Mario J. Gabelli, Marc's father and founder of the Gabelli firm, remains its Chairman and Chief Executive Officer.

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Marc Gabelli, who had been the Managing Director responsible for certain Gabelli Group assets and investment projects, is now responsible for developing business strategy and creating additional value for all of the Gabelli Group's holdings.

In his new position as President of the Gabelli Group, Marc Gabelli will transfer out of certain responsibilities at Gabelli Asset Management Inc. The responsibility of heading the firm's Alternative Investment Group was recently assumed by Thomas Mahoney, who was appointed Managing Director and Chief Operating Officer of Gabelli & Partners, LLC.

Mr. Gabelli founded the Alternative Group in 1999 and helped quadruple aggregate assets under management in this area. Prior to this he was responsible for the London-based expansion of the firm's international presence in research, marketing and portfolio management, and initiated development of the Gabelli Global Series of mutual funds.

Marc Gabelli will continue to be active in portfolio management. Mario Gabelli, the Gabelli Group Chairman, said: "We are pleased to see Marc assume broader responsibility for business strategy and development. His experience and skills will help further long term value creation across the Gabelli Group's asset base."

Marc Gabelli has been with Gabelli Group and its various subsidiaries for the past 10 years. He won acclaim during the mid and late 1990s as a leading global mutual funds portfolio manager. Prior to 1993, he worked at Lehman Brothers, where he was an equity analyst and arbitrageur.

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