Gabelli Asset Management said it is partnering with hedge-fund manager Grove Investment Advisors and J. Iain Smith, its principal. Smith, who will join Gabelli on Nov 1., has spent a large portion of his career specializing in the oil, gas and power sectors, most recently managing a long/short hedge fund.

"The addition of Iain Smith adds depth to our portfolio management and research team and his knowledge and experience will be particularly beneficial given recent volatility in the energy sector," the company said in a statement.

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