Gamco Raised CEO Gabelli’s Pay by 30% to $56.7 Million in 2010

Gamco Investors Inc. raised Chief Executive Officer Mario Gabelli’s compensation by 30 percent to $56.7 million in 2010, a year during which the firm’s shares returned 3.9 percent.

Gabelli, who earned $43.6 million in 2009, didn’t get a base salary, bonus or stock options, the Rye, New York-based firm said today in a regulatory filing. His pay was composed entirely of “incentive-based variable compensation,” according to the filing.

Gabelli, 68, whose firm manages about $32.5 billion in assets, is the highest-paid CEO among publicly traded money managers. BlackRock Inc.’s Laurence D. Fink, who oversees $3.56 trillion in assets, received compensation valued at $15.9 million in 2009. Mark Fetting, the head of Legg Mason Inc., was paid $4.61 million in the fiscal year that ended March 31, 2010. Both firms haven’t disclosed compensation for 2010.

Gamco’s net income rose 24 percent in 2010 to $69 million, according to data compiled by Bloomberg. The firm’s stock increased 3.9 percent last year, including dividends, compared with a 21 percent, including dividends, for the Russell 2000 Financial Services Index, data compiled by Bloomberg show.

Gamco’s second-highest paid executive was Douglas Jamieson, 56, president and chief operating officer. His pay rose 11 percent to $3.9 million, according to today’s filing.

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