Institutional Financial Markets, Inc., formerly Cohen & Company Inc., is an an investment firm specializing in credit-related fixed income investments. The Company operates in three business segments: Capital Markets, Asset Management and Principal Investing. The Capital Markets business segment consists of credit-related fixed income sales and trading as well as new issue placements in corporate and securitized products and advisory services. The Asset Management business segment manages assets within a variety of investment vehicles, including investment funds, managed accounts, permanent capital vehicles, and collateralized debt obligations. As of December 31, 2010, the Company had $10.3 billion in assets under management (AUM). The Principal Investing business segment is comprised primarily of its investments in the investment vehicles it manages. On January 1, 2010, the Company ceased to qualify as a real estate investment trust (REIT).