Mario Gabelli's new Enterprise Mergers and Acquisitions fund aims to profit from the end of the pooling of interests method of accounting.

Gabelli, investment chief of Gabelli Asset Management, said that his fund would be in a position to profit from January's decision by the Financial Accounting Standards Board (FASB), the US accounting regulator, to eliminate the pooling of interests method of accounting in corporate mergers. This will help alleviate the need to spread the value of intangible assets (amortise goodwill) on the balance sheet of merged companies over a number of years.