Gary Black received compensation of $10.7 million in 2006, his first year as chief executive of Denver-based mutual fund company Janus Capital Group.

Black, who joined Janus in April 2004 as president and chief investment officer and took on the CEO job in January 2006, was paid a salary of $800,000 and received $8.6 million under a nonequity incentive plan, according to the company's proxy filed Monday with the Securities and Exchange Commission. The latter and bigger piece of his pay included a $3.8 million bonus and $4 million from a one-time fund performance award granted when he arrived at the company.

The stock and option awards he got had a value of $1.2 million on the day they were granted.

His salary rose from $500,000 because of his promotion.

Black's pay package mostly is based on performance, the company noted in the proxy, with only 10 percent of the total fixed.

Janus' assets under management increased 13 percent to $167.7 billion at the end of 2006 from $148.5 billion a year earlier, and the company's stock climbed about 16 percent, closing 2006 at $21.59. The stock finished Monday at $21.41 on the New York Stock Exchange.

The company's stock portfolios also saw their track records improve as they distanced themselves from brutal losses they recorded in the bear market of late 2000 to 2002.

However, the company's core products - its "growth" mutual funds - continued to sustain investor withdrawals last year. Janus' Intech subsidiary, which uses a mathematical formula to pick stocks rather than traditional research, kept drawing new cash.

Jonathan Coleman, co-chief investment officer and a portfolio manager, received about $5.3 million in compensation in 2006.

Coleman and Gibson Smith started sharing that role in November.

Coleman's package included a salary of $800,000 and also took into account $4 million under the nonequity incentive plan. About $3.2 million of that is for his portfolio manager responsibilities.

His other pay came from stock and option awards valued at $556,000 when they were granted.

Janus' pay packages

• GARY BLACK

Title: CEO

Total 2006 compensation: $10.7 million, includes salary of $800,000

• JONATHAN COLEMAN

Title: Co-chief investment officer

Total 2006 compensation: $5.3 million, includes salary of $800,000

patonj@RockyMountainNews.com or 303-954-2544