The tough stock market for money management firms has not deterred Mario Gabelli's firm from its plan to go public. Gabelli Asset Management Inc. filed an amended registration statement Wednesday to conduct an initial public offering. Gabelli stands to receive a special $50 million payment in about three years as part of the deal.
Also last week, Neuberger & Berman LLC said it had cancelled plans for its IPO, citing the current volatile markets. Despite the cancellation, Neuberger & Berman will go forward with a family of load funds and other business plans, said chief administrative officer Jeffrey Lane. "We're a well capitalized" firm, Lane said.