Institutional Financial Markets, Inc. (IFMI) is an investment firm specializing in credit-related fixed income investments. IFMI operates in three business segments: Capital Markets, Asset Management, and Principal Investing. The Capital Markets business segment consists of credit-related fixed income sales, trading, and financing, as well as new issue placements in corporate and securitized products and advisory services. The Asset Management business segment manages assets within a range of investment vehicles, including collateralized debt obligations (CDOs), permanent capital vehicles, managed accounts, and investment funds. As of December 31, 2011, the Company had $8.1 billion in assets under management (AUM), which consisted primarily of CDO AUM. The Principal Investing business segment is comprised primarily of its investments in the investment vehicles it manages. On January 13, 2011, it acquired JVB Financial Holdings, L.L.C (JVB).