Even as industry profits and portfolios tumble, mutual fund directors got rather sizeable pay raises in 2002, according to a Reuters report on a survey by Management Practice, Inc. Director pay at the top 50 fund companies increased 8%, with $113,000 their median compensation, according to Management Practice.

Directors at some firms were paid significantly more, notably at Putnam, a division of Marsh & McLennan, which had some of the highest-paid directors in the industry. John Hill, vice chairman of First Reserve, a private equity company specializing in energy, made $388,250 last year for his work at Putnam, less than his 2001 pay of $403,500.

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