While CEOs at the nation's largest firms are enjoying substantial compensation packages, their brethren at investment management firms are not.

Salaries of CEOs at investment management firms rose 7% in 2001, but their bonuses dropped 67%, according to Capital Resource Advisors (CRA) of Chicago.

If operating margins within the money management industry follow the sharper decline of the rest of the financial services industry, bonuses of the CEOs at those firms will likely fall even more in 2002.

"Last year was one of the money management industry's worst on record, yet the average firm still managed to produce operating margins of 29% and pay their CEO $2.5 million," said Steve Unzicker, CRA's director of knowledge. "The money management industry has yet to feel the pain as acutely as other financial services businesses."

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