The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
Monday, April 11, 2016|
The $75MM Fundster
The founding CEO of a publicly-traded mutual fund shop earned $75 million last year. Yet that was a big drop year-over-year.
Bloomberg says that Gabelli's pay puts him "among last year's highest-paid Wall Street executives," and it notes that Gamco's second-highest paid executive was chief operating officer Douglas Jamieson, who brought home $3.65 million in 2015.
The pub also points out that Rye, New York-based Gamco's shares fell 35 percent in 2015 and Gabelli's "management fee is based on 10 percent of its pretax profits." Gamco's "income from continuing operations" fell almost 18 percent year-over-year to about $87 million in 2015. And Gabelli's total compensation fell more than 15 percent from $88.5 million in 2014 and almost 12 percent from $85 million in 2013.
Also, though Bloomberg doesn't mention it, it's worth noting that Gabelli is basically paying himself. He owns 41.49 percent of Gamco's class A stock and 98.59 percent of its class B stock. In the language of their SEC filings, when you cut through the details of the different interwoven companies and the way the different share classes work, "Mr. Gabelli is deemed to control GBL."
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