8-K

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of The
                         Securities Exchange Act of 1934

       Date of Report (Date of earliest event reported) September 14, 2004


                          GABELLI ASSET MANAGEMENT INC.
             (Exact name of registrant as specified in its charter)

          New York                        1-14761                 13-4007862
       (State or other          (Commission File Number)        (IRS Employer
 jurisdiction of incorporation)                              Identification No.)

        One Corporate Center, Rye, NY                              10580
 (Address of principal executive offices)                        (Zip Code)

        Registrant's telephone number, including area code (914) 921-3700


Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2 below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17
    CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
    CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
    Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
    Exchange Act (17 CFR 240.13e-4(c))


Item 8.01 Other Events.

     On September 9, 2004, Gabelli Asset Management Inc. (the "Company")
reported that a sub-advisory client notified the Company of the client's
intention to transfer management of the largest of its three portfolios managed
by the Company to another asset manager in mid-November 2004. A copy of the
Company's press release, attached hereto as Exhibit 99.1 and incorporated herein
by reference, is being furnished under this Item 8.01 in accordance with the
provisions of Regulation FD (17 CFR ss.ss. 243.100 et seq .).





SIGNATURE
- ---------

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                                Gabelli Asset Management Inc.

                                                By: /s/ Michael R. Anastasio Jr.
                                                    ----------------------------
                                                        Michael R. Anastasio Jr.
                                                        Chief Financial Officer


Date: September 14, 2004
      ------------------

EX-99.1

                                                                    Exhibit 99.1

                   Gabelli Asset Management Inc. Announcement

     RYE, N.Y.--(BUSINESS WIRE)--Sept. 9, 2004--Gabelli Asset Management Inc.
(NYSE: GBL) reported today that a sub-advisory client has notified the firm of
their intention to transfer management of the largest of its three portfolios
managed by Gabelli to another asset manager in mid-November. The portfolio being
transferred represents approximately 3% of Gabelli's assets under management and
about 1.3% of its revenues and could result in an annualized decline in
operating income of approximately 2%.
     Our investment process has produced superior results since inception for
these assets entrusted to us. However, a change in the ownership of the client
in 2003 soon led to a change in the portfolios' originally designated benchmark.
The Gabelli "Private Market Value (PMV) and a Catalyst" investment approach has
provided clients with superior risk-adjusted returns for over 27 years but does
not easily fit into ever-changing industry style boxes and categories.
     "We will continue to work tirelessly in pursuit of our firm's mission to
earn superior risk-adjusted returns for our clients over the long term by
providing value added performance through our proprietary 'Private Market Value
(PMV) and a Catalyst' fundamental research," said Doug Jamieson, President of
Gabelli Asset Management.

     Gabelli Asset Management Inc., through its subsidiaries, manages
approximately $27 billion in assets of private advisory accounts (GAMCO), mutual
funds and closed-end funds (Gabelli Funds, LLC), and partnerships and offshore
funds (Alternative Investment Group).

     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
              www.gabelli.com