Significant Decline in AUMs

I've recently noticed a substantial decrease in the AUMs at two previously well-regarded firms: Atlantic Investment Management and Kabouter Management. Atlantic Investment Management's AUM has plummeted by over $1.5 billion (from their recent peak in 2021), leaving them with a mere $300 million. Similarly, Kabouter Management has seen a decrease of $3.3 billion in their AUM within a year, bringing them down to $1.9 billion. These numbers are from aum13f.com.  I'm curious if anyone has insights into what might have led to such dramatic declines.

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