Financial executives across Wall Street are handing back bonuses and agreeing to work for $1 (€0.79) a year. Such austerity hasn't hit mutual-fund big shots as hard. Their pay has been scaled back, but not by as much as others whose performance has suffered mightily.

In 2008, the average US stock fund was down 39%, close to the overall market's decline. But most mutual-fund executive compensation is tied to the profitability of the firm, not just how funds perform. Even if their portfolios slide badly and some investors leave, most executives continue to draw profits creamed from fund assets.