Ex-state treasurer to head N.Y. firm

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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