Exhibit 99

Gabelli Accelerates Vesting of Stock Options

    RYE, N.Y.--(BUSINESS WIRE)--June 13, 2005--Gabelli Asset
Management Inc. (NYSE: GBL) announced today that its Board of
Directors has approved the accelerated vesting of all unvested stock
options. As of May 31, 2005, there were 552,000 unvested options, the
majority of which are scheduled to vest in the first half of 2006.
These options will now vest on July 1, 2005.
    As previously disclosed, the Company adopted SFAS No. 123,
"Accounting for Stock Based Compensation" on January 1, 2003 and SFAS
No. 123(R), "Share-Based Payment" on January 1, 2005. The unvested
stock options that will now vest on July 1, 2005 were all granted
subsequent to January 1, 2003. The vesting of these options provides
Gabelli the flexibility to settle the options or repurchase the shares
underlying the options in a more effective and timely manner.
    In accordance with SFAS No. 123(R), the acceleration of vesting
will result in the recognition of approximately $1.8 million of
additional compensation expense during the second quarter 2005. This
amount would normally have been expensed over the remaining estimated
life of the options. This will reduce fully diluted earnings per share
by approximately $0.03 per share in the second quarter 2005 versus the
prior year quarter. However, future quarters will no longer have stock
option related compensation expense. Earnings will be higher by
approximately $0.01 per fully diluted share in both the third and
fourth quarter of 2005 as compared to the prior year quarters. For the
full year 2006, the impact of this acceleration of stock option
related compensation expense in 2005 and the subsequent reduction in
2006 will amount to incremental earnings of $0.05 per fully diluted
share versus 2005.
    Gabelli Asset Management Inc., through its subsidiaries, manages
approximately $28.0 billion in assets of private advisory accounts
(GAMCO), mutual funds and closed-end funds (Gabelli Funds, LLC), and
partnerships and offshore funds (Investment Partnerships).

    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.

    CONTACT: Gabelli Asset Management Inc.
             Michael R. Anastasio, 914-921-5147
             For further information please visit:
             www.gabelli.com