Exibit 21.1



                  Subsidiaries of Gabelli Asset Management Inc.


         The  following  table  lists the direct and  indirect  subsidiaries  of
Gabelli Asset Management Inc. (the  "Company").  In accordance with Item 601(21)
of  Regulation  S-K, the omitted  subsidiaries  considered in the aggregate as a
single  subsidiary  would not constitute a  "significant  subsidiary" as defined
under Rule 1-02(w) of Regulation S-X.

                                                   Jurisdiction of
                                                   Incorporation or
         Name                                      Organization
         ----                                      ----------------

Gabelli Funds, LLC                                 New York
(100%-owned by the Company)

GAMCO Investors, Inc.                              New York
(100%-owned by the Company)

Gabelli Fixed Income, Inc.                         Delaware
(100%-owned by the Company)

Gabelli Securities, Inc.                           Delaware
(77.4%-owned by the Company)

Gabelli Advisers, Inc.                             Delaware
(40.9%-owned by the Company)

Gabelli & Company, Inc.                            New York
(100%-owned by Gabelli Securities, Inc.)

Gabelli & Partners, LLC                            New York
(100%-owned by Gabelli Securities, Inc.)

Gabelli Fixed Income LLC                           Delaware
(80.1%-owned by Gabelli Fixed Income, Inc.)