Mario Gabelli, the well-known mutual fund manager and head of the money management company that bears his name, took a 20% pay cut last year, as his portfolios sagged amid a bear market.
But theres no need to cry for Gabelli, the 60-year-old CEO of
Gabellis pay includes $13.8 million for running mutual funds and nearly $13 million for separate accounts.
This reduction in pay comes in line with the companies sagging returns amidst a bear market.
- Overall, the companys net income dropped 13% to $53.3 million in 2002 from $61.1 million a year earlier. Assets under management finished the year at $21.2 billion, down 14.5% from $24.8 billion at the close of 2001.
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