Prices are pretty rich. The exchanges may be vulnerable to short-term corrections, but over the longer term they should continue to grow because there's lots of money on the sidelines to invest.
It's the market saying these guys aren't going to grow as fast - these guys are no longer a growth company.
I have to think that the sale is being driven by Pilgrim Baxter -- they want to grow more aggressively than perhaps UAM is willing to commit, ... It seems Pilgrim Baxter is a square peg at UAM.