It's easy to lose money as a money manager. In AB's case they put a lot of Lehman Brothers,CitiBank,Bear Stearns in its' portfolios and hung in until all their New York buddies went over the cliff. AUM plummeted leaving AB with a big, excess, overly paid staff in big,expensive New York City buildings..AB had a couple of buildings in London,too. Now, money managers are judged on 1 year,3 year etc returns. AB's 3 year return was a disaster..and more pension funds etc dumped AB and left. So, AB is struggling to get its' mojo back. Note that AB is 500 people lighter now than a year ago. Writeoffs of NY and London office space have been taken..and money is being spent on expansion in Asia.. Deferred compensation is also being recognized as a loss. So,will 2012 be better? I suspect part of the answer is political. After all, 2012 is an election year...We'll see!