EXHIBIT 99.1
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For Immediate Release:                        Contact: Michael R. Anastasio
                                                       Chief Accounting Officer
                                                       (914) 921-5147

                                                       For further information
                                                       please visit
                                                       WWW.GABELLI.COM
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          GABELLI EXPECTS TO REPORT THIRD QUARTER EARNINGS OF $0.39 TO
                            $0.41 PER DILUTED SHARE

Rye, New York, October 15, 2003 - Gabelli Asset Management Inc. (NYSE: GBL) said
today that it expects to report earnings in line with analysts' estimates of
$0.39 to $0.41 per diluted share for the third quarter.

The Company would like to establish a history of paying dividends. Accordingly,
management is planning to recommend a nominal initial dividend to its Board of
Directors for consideration at its next meeting. If approved, the Company may
pay its first dividend in 2003. The holders of Gabelli Asset Management's Class
B stock have, under certain conditions, waived their right to receive any cash
dividend that may be payable in 2003.

Assets under management on September 30, 2003 were approximately $23.2 billion,
up 14.9% from third quarter end 2002 assets of $20.2 billion and 3.2% ahead of
the prior quarter end assets of $22.5 billion. This increase reflects the
diversification of assets entrusted to us among various investment styles as
well as the mix of our high net worth, institutional, mutual fund and
alternative investment client base.

The Company expects to issue a complete earnings release during the week of
October 27th.

Gabelli Asset Management Inc., through its subsidiaries, manages assets of
mutual funds and closed-end funds (Gabelli Funds, LLC), partnerships
(Alternative Investment Group) and private advisory accounts (GAMCO).


SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION

           Our disclosure and analysis in this press release contain some
forward-looking statements. Forward-looking statements give our current
expectations or forecasts of future events. You can identify these statements
because they do not relate strictly to historical or current facts. They use
words such as "anticipate," "estimate," "expect," "project," "intend," "plan,"
"believe," and other words and terms of similar meaning. They also appear in any
discussion of future operating or financial performance. In particular, these
include statements relating to future actions, future performance of our
products, expenses, the outcome of any legal proceedings, and financial results.
Although we believe that we are basing our expectations and beliefs on
reasonable assumptions within the bounds of what we currently know about our
business and operations, there can be no assurance that our actual results will
not differ materially from what we expect or believe. Some of the factors that
could cause our actual results to differ from our expectations or beliefs
include, without limitation: the adverse effect from a decline in the securities
markets; a decline in the performance of our products; a general downturn in the
economy; changes in government policy or regulation; changes in our ability to
attract or retain key employees; and unforeseen costs and other effects related
to legal proceedings or investigations of governmental and self-regulatory
organizations. We also direct your attention to any more specific discussions of
risk contained in our Form 10-K and other public filings. We are providing these
statements as permitted by the Private Litigation Reform Act of 1995. We do not
undertake to update publicly any forward-looking statements if we subsequently
learn that we are unlikely to achieve our expectations or if we receive any
additional information relating to the subject matters of our forward-looking
statements.