Mario Gabelli took a $600,000 pay cut in 1999, but he still had a pretty good year.

Gabelli Asset Management paid Gabelli, the firm's chairman, chief executive officer and chief investment officer, nearly $41.8 million in compensation in 1999, according to a proxy statement the firm filed with the SEC April 20. The pay was down from Gabelli's nearly $42.4 million compensation in 1998, according to the proxy statement.

Gabelli received the pay for managing open-end and closed-end funds and partnerships and generating and managing separate accounts, according to the proxy statement. Gabelli also received a $10.2 million payment as an incentive-based management fee that was part of the $41.8 million compensation, according to the proxy statement. A spokesperson for Gabelli Asset Management was not immediately available.

Assets under management at Gabelli Asset Management grew 35 percent in 1999, from $16.3 billion on Dec. 31, 1998, to $21.9 billion one year later, according to the company. Gabelli Asset Management went public on Feb. 17, 1999, at $17.50 per share. The stock closed April 20 at $20.19.

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