SOURCE: Dinsmore Capital Management

July 23, 2015 15:49 ET

Dinsmore Capital Management and Gabelli Funds Announce Alliance to Manage Convertible Portfolios

MORRISTOWN, NJ--(Marketwired - Jul 23, 2015) - Dinsmore Capital Management and Gabelli Funds announced today the signing of a strategic relationship. Subject to shareholder approval, the Dinsmore Group of Gabelli Funds will continue to manage the Bancroft Fund (NYSE MKT: BCV) and the Ellsworth Growth and Income Fund (NYSE MKT: ECF). In addition, the Dinsmore portfolio management team will contribute to the management of The Gabelli Convertible and Income Securities Fund (NYSE: GCV).

Commenting on the proposed agreement, Thomas H. Dinsmore, Chairman and Chief Executive of Dinsmore, said, "We are delighted to enter this new chapter of our stewardship of the Bancroft and Ellsworth funds. Gabelli has a world-class reputation for generating returns for shareholders. Becoming part of the Gabelli team will offer greater depth to the professional service we can offer the funds' shareholders."

Dinsmore, formerly Davis-Dinsmore Management, an SEC-registered investment adviser, was founded in 1971. Dinsmore Capital is one of the longest running convertible securities money management firms. The firm manages two closed-end funds: Bancroft Fund Ltd. (founded in 1971) and Ellsworth Growth and Income Fund Ltd. (formerly Ellsworth Fund Ltd.) (founded in 1986). Assets under management of the two funds as of June 30, 2015 were $257 million. 

GAMCO Investors, Inc. (NYSE: GBL), through its subsidiaries, manages assets of private advisory accounts (GAMCO), mutual funds and closed-end funds (Gabelli Funds, LLC), and partnerships and offshore funds (Gabelli Securities, Inc.) and is known for its Private Market Value with a Catalyst™ style of investment.  As of March 31, 2015, GAMCO Investors, Inc. had $46.5 billion in assets under management.

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