Although fund advisors are beginning to return to initial public offerings, particularly to expand offerings and competencies, (see MME 8/30/04), there are risks associated with tapping the capital markets.

Just last month, real estate fund firm Cohen and Steers launched an IPO and Calamos Asset Management registered for one. Both niche firms' registration forms clearly state that their key executives are instrumental to their future success. Neither firm returned a call seeking comments.

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