Gabelli Securities International Ltd Acquires Horizon Research Advisors, A New Delhi Investment Boutique

‘Acquisition increases GSIL’s emerging market assets under advisory, expanding its presence in one of the world’s fastest growing democracies’

London, January 7, 2013 – Gabelli Securities International (UK) Ltd., (‘GSIL’), a global alternative asset management platform and merchant advisor, announced today that it had acquired New Delhi-based Horizon Research Advisors (‘Horizon’), expanding its assets and client access to the Indian sub-continent and South East Asian marketplace.

“The acquisition of Horizon’s business is of strategic value to GSIL as we further leverage our expertise and infrastructure in event-driven value investing in emerging markets,” Marc Gabelli, Co-Chief Executive Officer of GSIL UK said.

“The acquisition includes the management of several advisory efforts, most notably Horizon’s special situation coverage, a universe that spans more than $1billion of investment opportunities. There are approximately 4,000 actively traded companies in India, offering a sizeable group of businesses for superior diversification and returns to client portfolios. India has a deeply rooted equity culture dating back to the period of British rule. The Bombay Stock exchange (BSE), founded in 1875, is Asia’s oldest public bourse. There are excellent opportunities in the region to enhance returns,” Mr. Gabelli added.

Manjit Kalha, Managing Partner and Co-Head of Horizon, will continue overseeing the management of the Horizon research platform with Mr. Gabelli. He noted that: “Horizon has broadened its footprint in event-driven, value investment products and we plan to further expand our product offering in the coming year”.

Mr. Kalha added that: “The India and South East Asia equity market has certain attributes that lead us to believe there are opportunities to earn risk-adjusted returns through superior stock selection using our process. We believe it is possible to identify pockets of value/price misalignment, especially within domestic demand-led industries. With secular trends led by increasing GDP, growing population and increasing disposable income among other long-term trends, there are ample opportunities to invest in companies that will benefit”.

Evan Miller, GSIL UK’s CEO, said: “With this transaction, GSIL UK’s global funds will add India-based profitability and risk management to its portfolio capabilities. Horizon’s broad range of capabilities targets investment opportunities and deepens our universe that includes distressed, restructured and general value-based products.”

About Gabelli Securities International Ltd.
Gabelli Securities International (GSIL) was founded in 1994 as the investment management affiliate for Gabelli Funds’ offshore hedge funds, with the management and launch of the Gabelli International Gold Fund Ltd. Today, GSIL advises several event-driven hedge fund portfolios. Its London subsidiary, Gabelli Securities International (UK) Ltd., is authorized and regulated by the UK Financial Services Authority offering services across European marketplace. Marc Gabelli is the Chief Executive Officer of Gabelli Securities International since inception.

About Horizon Research Advisors
Horizon Research Advisors is a New Delhi headquartered Investment boutique that focuses on event driven value based, bottom up and fundamental investments in the Indian sub-continent and South East Asian marketplace. Marc Gabelli and Manjit Kalha are the co-Chief executives of Horizon post acquisition.

Media Contacts:
Manjit Kalha,
Horizon Research Advisors
Telephone: +919810023768

Marc Gabelli
Telephone: +44 (0) 203 206 2100
Victor Emmanuel