It looks like Mario Gabelli may now be the highest paid executive in the fund industry. The founder of Gabelli Asset Management took home $55 million in 2004, a nice increase from his $38.7 million in compensation in 2003.

Gabelli has not draws any options, bonus or even base salary since 1999. Instead, he is paid a management fee of 10 percent of the firm's pre-tax profits. He also received less than $50,000 in perquisites, including a company car and drivers, club membership dues and paid cell phones. The company said it would pay no money for those perks in 2005.  

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