Gabelli Asset Management reported net income of $15.4 million for the first quarter ended March 31, 2002, a 3% increase in earnings from the $14.9 million the firm earned a year ago. Per share, earnings were 51 cents, up from 50 cents a year ago.

Assets under management reached $25.9 billion, up 9.3% from the $23.7 billion the firm managed in the first quarter of last year. The company attributed the growth in assets to inflows, particularly from institutions, and market appreciation.

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