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November 29, 2009

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Ex-state treasurer to head N.Y. firm

Tuesday, Jan. 12, 1999 | 9:19 a.m.

Seale, who retired after eight years in office, has started work at Gabelli Fixed Income LLC. He'll be based in Rye, N.Y., but the post will require a lot of travel and he'll keep his home in Reno.

His job will be to manage the fund and develop new business. The company invests in fixed-income investments such as Treasury notes, Fannie Maes and commercial debt.

"There is $1 trillion being managed by state and local governments, so there is plenty of opportunities," Seale said.

The Gabelli firm is a wholly owned subsidiary of Gabelli Asset Management Co. and is headed by Mario Gabelli.

During Seale's tenure as state treasurer, a local government investment pool grew from $100 million to $400 million. Under that program, local governments funneled investment funds into Seale's office to gain a higher interest rate than they could get on their own.

A municipal bond bank, in which local governments issue bonds through the treasurer's office at a reduced interest rate, increased from $600 million to $2 billion.

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