Westwood Holdings Group asked Gabelli Asset Management to either let Westwood buy Gabelli's 42% stake in Gabelli Advisers, the advisory services firm in which Westwood holds a 19% stake, or purchase Westwood's stake, according to an SEC filing by Gabelli. Gabelli Asset Management "may discuss" those options and "other alternatives" with Westwood "and others," the filing said.
Westwood subadvises five of the six registered investment company portfolios managed by Gabelli Advisers. Westwood has $4.3 billion in assets under management, of which $3.3 billion is institutional and $1 billion is retail. Gabelli Asset Management holds an 18.84% stake in Westwood.
Neither Gabelli CIO Mario J. Gabelli nor the firm's counsel, James E. McKee, were immediately available for comment. Tucker Hewes, a spokesman for Westwood, declined to comment.