There is a good reason top mutual fund managers are making good money - they are generating big money for their employers, a new study suggests.

The top 20 portfolio managers, as measured by the amount of mutual fund assets they manage, generate a collective $2.9 billion in annual revenues for their firms, according to an analysis from Financial Research Corp. of Boston, the fund tracking and consulting firm. The top 20 managers account for 13 percent of the mutual fund industry's estimated annual fee revenue of approximately $21.8 billion, according to FRC.

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