Teton Advisors has acquired certain assets of Keeley Asset Management Corp (KAMCO), a pioneer in small and mid-cap value investing founded by John L Keeley, Jr in 1982.
Serving as the acquisition vehicle is Keeley-Teton Advisors, a newly formed and wholly-owned subsidiary of Teton. At closing, the combined firms have USD3.8 billion assets under management (AUM).
Keeley Teton, headquartered in Chicago, is led by Kevin Keeley, executive chairman, and Robert Kurinsky, president and COO. As a result of the merger, G Distributors, a wholly-owned subsidiary of Gabelli Funds, will distribute the Keeley Funds.
Nicholas Galluccio, chief executive of Teton, says: “We thank clients and shareholders of the Keeley Funds for approving Keeley Teton as the new investment advisor. This transaction leverages the resources of two-well established, active asset management firms to the benefit of fund shareholders, clients and stakeholders. Our investment teams will significantly increase research coverage across our platform as a result.”
Kurinsky says: “This combination provides a unique opportunity to build a truly special, scalable asset management firm focused on micro, small and mid-cap investing. Our investment team will maintain its independence with the opportunity to collaborate with Teton to deliver strong investment performance for all our constituents.”
Paul Hastings, a global law firm, represented Teton in the transaction.
