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 Janus, companies decreased executive pay, Dow Jones Newswires reports.

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