GAMCO Investors plans to add fixed-income capabilities to its largely equity-based investment operation, confirmed Mario Gabelli, chairman, CEO and CIO of value investments. The firm, which managed $26.8 billion in assets as of June 30, had just $918 million in fixed income, and Mr. Gabelli said he plans to bring on a number of new people to expand this practice. Specifically, the firm is in the process of recruiting several investment teams, including a municipal bond team, as part of its strategy to "migrate" toward fixed income over time, said Mr. Gabelli.
The firm also hired Wayne Plewniak as a managing director in GAMCO's fixed-income unit. Mr. Plewniak was a managing director and senior portfolio manager at Lehman Brothers before leaving the firm at the end of last year.