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.