All things considered, earning $46 million in 2008 was far less than the $81 million Mario Gabelli of Gamco took home in 2007 and the $81 million he pocketed in 2002, DealBook reports, citing a proxy filing.

But considering the poor showing of the funds Gabelli manages, a 33% decline in assets under management, that was a tremendous payout. Of the $102 million that Gabelli and his portfolio managers earned in 2008, the chief executive took almost half.

As DealBook puts it, “The $46 million payout dwarfs the 2008 compensation of many other Wall Street chieftains, who generally got no bonuses for last year and saw the value of their stock-related pay collapse.”


Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.