GAMCO Investors has appointed Ian Lapey as Portfolio Manager for the newly registered Gabelli Global Financial Services Fund, part of its Gabelli Equity Series.
The registration for the fund is currently under review with the SEC and is expected to launch on 1 October, 2018.
Lapey was most recently a Research Analyst and Partner at Moerus Capital Management. Prior to joining Moerus, he was a Partner, Research Analyst, and Portfolio Manager at Third Avenue Management. In 2009, Lapey was appointed Co-Manager of the firm’s flagship Third Avenue Value Fund alongside legendary value investor Marty Whitman, and was subsequently named sole Portfolio Manager of that fund in 2012.
Lapey says: “I have long admired Mario Gabelli and the team at GAMCO. We share a fundamental, bottom-up investing approach based on purchasing a common stock at a discount to its intrinsic or private market value. We have over-lapped on many successful investments over the years, and I always appreciate the way they think like owners and advocate for shareholders.”
Agnes Mullady, President of Gabelli Funds, says: “We are pleased to have Ian join GAMCO. The firm will benefit from his extensive portfolio experience across a broad spectrum of industries and asset classes. We look forward to his contributions to the portfolio management team.”
Prior to joining Third Avenue in 2001, Lapey held equity research analyst positions at Credit Suisse First Boston and Salomon Brothers.