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 there’s no need to cry for Gabelli, the 60-year-old CEO of Gabelli Asset Management. He earned $37.7 million in 2002, down from $47.1 million in 2001, according to the company’s proxy statement filled yesterday with the SEC, Reuters reports.

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