Baker Fentress & Co. wants to add a stock option plan and other incentives as part of an effort to recruit and keep top employees like Jessica Bibliowicz at the firm's money management subsidiary.

Baker Fentress, the closed-end fund based in Chicago, is asking shareholders to approve an upgraded compensation plan which includes stock options, loans and bonus stock awards based on employee performance. If shareholders approve the proposal, it could mean additional compensation for top employees including Bibliowicz, former chief executive officer of Smith Barney Mutual Funds Management. Bibliowicz, the daughter of Citigroup chief executive officer Sanford Weill, was a high-profile hire for John A. Levin & Co. when she joined the firm in July, 1997. Levin is a Baker Fentress subsidiary.

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