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

  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’

Business Wire

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

“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
$1 billion 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

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


Horizon Research Advisors
Manjit Kalha, +91 98 1002.3768
Gabelli Securities International Ltd.
Marc Gabelli, +44 (0) 203 206 2100
Victor Emmanuel
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