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.

Gabelli’s 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 company’s 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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The staff of Mutual Fund Market News ("MFMN") has prepared this capsule summary based on a report published by the news source to which it is attributed. Reuters is not associated with MFMN, and has not prepared, sponsored, endorsed, or approved this summary.

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