Gabelli Asset Management reported net income of $15.4 million for the first quarter of 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.

Nearly two-thirds of the $1.2 billion increase in assets was due to institutional and high-net-worth business, the company said. However, assets in Gabelli's open-end equity mutual funds rose only 3.7% to $8.6 billion, The lower commissions and 12b-1 distribution fees that Gabelli earned from its mutual fund business offset the growth in the firm's institutional business, the company said.

Gabelli said it would continue to create new products and enter new markets in the coming year.

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