While fund companies have resisted firing portfolio managers and top executives and have, in fact, rewarded them as well as their directors with equal if not slightly higher salaries (see MFMN 4/14/03), the bear market is beginning to catch up with some.
As profit growth stalled at most publicly traded asset-management firms in 2001, declining by as much as 72% in the case of
Excluding stock options and other compensation, many mutual fund executives saw their total compensation packages of salary and bonuses decrease. Only companies with a concentration on fixed income, which has held up well during the market, bucked the trend.
Janus took away bonuses for many of its executives, pushing down compensation for many by as much as 28%.
