So lets assume AUM drops ~30% (ouch) due to market adjustments and outflows (we should know mid January). That gives us ~$17.24B AUM which puts CNS as currently selling at ~1.5% AUM (give or take a few tenths of a percent). If you subscribe to the mantra of 'buy asset managers at enterprise value < 2% AUM', then CNS is a buy. It is currently a hairy scary risky buy since AUM could continue to drop in coming quarters, but one with the promise of being a nice long term hold (AKA Paydirt style offering or watchlist suggestion).Well, now we know, and it was worse than I expected.http://biz.yahoo.com/prnews/090121/ny61255.htmlAssets Under ManagementThe company also announced that preliminary December 31, 2008 assets under management were $15.1 billion, which included $4.3 billion in open-end mutual funds, $4.3 billion in closed-end mutual funds and $6.5 billion in institutional separate accounts.A 39% drop. Brutal.TMFHelical
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