He's changed compensation plans, changed the nature of incentives for portfolio managers, introduced additional discipline in terms of how research was done and how risk was managed within the portfolios, and he takes a very strong personal hand in how we achieve our performance goals.

Although the market environment did not improve meaningfully from the fourth quarter, the targeted actions we took to re-size our businesses are having a substantial positive impact on our financial performance.

Having determined that these decisions clearly were not right at this point in time.