Bob Doll, BlackRock's chief investment officer, was the highest paid executive at the New York City-based investment manager in 2008, with $26.22 million in total compensation, Reuters reports. Doll's 2008 compensation was down 10 percent compared to the amount he received in 2007.

Doll's base salary was down slightly at $400,000. He received a $22.8 million bonus.

For his part, BlackRock CEO Larry Fink earned $21 million in total compensation, down from $28.34 million in 2007. Fink's base salary was $500,000, unchanged from 2007. He received a $17.15 million bonus and a $3.34 million payment as part of a five-year award program.

Fink told the board that he would be paid a lower bonus in light of the tough environment for the asset management industry, Reuters reports, citing an anonymous source.

BlackRock managed $1.3 trillion at the end of 2008.  

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