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Gabelli & Partners Announces The January 1st Launch Of Offshore Credit Hedge Fund

Gabelli & Partners, the alternative investment partnership group of GAMCO Investors, Inc. (NYSE:GBL) announced today the creation of Gabelli Intermediate Credit Fund, Ltd., a high-yield fund created for non-U.S. and non-taxable U.S. investors in the corporate bond strategy managed by portfolio manager and Director of Fixed Income, Wayne Plewniak.

“Wayne has successfully managed the Gabelli Intermediate Credit Fund L.P. since its inception in 2007. We are responding to the request of a number of our non-U.S. and non-taxable U.S. clients to provide access to this strategy while affording the benefits of an offshore vehicle for the Fund,” said Michael Gabelli. “The onshore version of the Gabelli Intermediate Credit Fund is now armed with a solid five year track record run by an experienced manager who has a consistently applied investment strategy in a fund with significant capacity.”

Mr. Plewniak joined the firm in 2006. He was formerly with Neuberger Berman, where he served as a Managing Director and Senior Portfolio Manager, following Neuberger's acquisition of Lipper & Company’s high yield business in 2002. Prior to this acquisition, Mr. Plewniak was responsible for the creation and management of Lipper’s high yield business since its inception in 1991. He has an MBA in Finance and International Business from Georgetown University and a B.S. in Industrial Engineering from the Rochester Institute of Technology.

GAMCO Investors, Inc. (NYSE:GBL), through its subsidiaries, manages assets of private advisory accounts (GAMCO), mutual funds and closed-end funds (Gabelli Funds, LLC), and partnerships and offshore funds (Investment Partnerships) and is known for its Private Market Value with a Catalyst™ style of investment.



Copyright Business Wire 2010

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