RYE, N.Y. (HedgeWorld.com)–J. Iain Smith and his hedge fund firm, Grove Investment Advisors, will become a part of Gabelli Asset Management Inc. on Nov. 1.
Mr. Smith specializes in the oil, gas and power sectors and will bring a US$5 million long/short hedge fund along with him when he joins Gabelli. Mr. Smith said the link with Gabelli is something he’s been looking to do. The fund will be renamed as a Gabelli fund, and will be able to grow more quickly with the firm’s resources behind it. He also will help develop energy related research, according to a Gabelli statement. Executives at Gabelli couldn’t be reached for comment.
Mr. Smith began investing in energy when he joined Gabelli in 1994 and later took positions at Rodman & Renshaw and Eastgate Management, according to the statement. Mr. Smith founded Grove in 2000. Gabelli managed US$611 million in alternatives as of June 30 and managed US$23.2 billion overall.