Gabelli Asset Management beat First Call/Thomson analyst estimates of $0.51 in earnings per diluted share -- EPS was $0.52 for the first quarter compared to $0.31 per share for the same period last year.

Gabelli reported a rise in net income of more than 73 percent from $9.3 million for the quarter ending March 31, 2003 to $16.1 million for the quarter ending March 31, 2004. [View earnings release].

Gabelli attributed the gains to improved returns and more assets under management.

Assets under management rose 2.4 percent to $28.2 billion from the quarter ended December 31, 2003, and 44.7 percent from the $20.7 billion under management at the same period last year.

Mutual funds and institutional and high net worth separately managed accounts both grew 40 percent from the same period last year.

Fund flows for the first quarter were $180 million -- $60 million inflow for retail, $84 million in outflow for institutional and high net worth separate accounts, and $204 million in alternative investments. 

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