Stephen Schwarzman, Blackstone Group Inc.'s chairman, CEO and co-founder, remained atop the list of highest-paid CEOs among asset managers and other financial services firms in 2018, despite a 44.9% year-over-year decrease in total adjusted compensation.
Schwarzman took home $69.1 million, comprised entirely of cash compensation.
Henry Kravis and George Roberts, co-CEOs of KKR & Co., received the second-highest pay among CEOs at $56.5 million apiece.
GAMCO Investors Inc. Chairman and CEO Mario Gabelli, who had been one of the highest-paid CEOs, fell off the list after electing to waive compensation from March 1, 2018, to Dec. 31, 2018, to help GAMCO pay down debt. For the first two months of 2018, Gabelli earned $10.7 million.
Among specialty finance companies, World Acceptance Corp.'s president and CEO, Ravin Prashad, took over the top spot from Capital One Financial Corp.'s chairman, CEO and president, Richard Fairbank. Prashad, who was appointed to the positions in June 2018, reeled in $18.8 million in 2018, with $16.7 million via stock awards. Richard Fairbank made $17.3 million, a 7.2% year-over-year increase from 2017.
In the investment banking, broker and capital markets industry, BGC Partners Inc.'s Howard Lutnick raked in the most money with total adjusted compensation of $29.7 million in 2018, up 89.3% year over year. Lutnick made $1.9 million in cash, $11.9 million in stock awards and $15.9 million through non-equity incentive plan compensation. James Gorman, chairman and CEO of Morgan Stanley, was not far behind at $28.2 million in total compensation, a 15.0% increase year over year.