Mario Gabelli took a twenty percent cut in pay in 2002, but don't cry for him just yet. The founder and CEO of Gabelli Asset Management still took home total compensation of $37.7 million last year. That figure is $9.4 million less than the $41.1 million he received in 2001.

Just more than a third of the package -- some $13.8 million -- was for running the firm's mutual fund unit. Gabelli was paid another $13 million to head up the Rye, New York manager's separate account business.

Gabelli actually took a larger paycut than the firm itself. Gabelli Asset's bottom line fell 13 percent to $53.3 million in 2002 from $61.1 million a year earlier. Meanwhile, its assets under management dropped 14.6 percent to $21.2 billion against $24.8 billion at the end of 2001.  

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