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Oh yeah, there are definitely people who do this. Heck, I run AMS for a few folks in my spare time.

The question is determining what you're willing to spend on an ad manager vs. what your advertising budget is and then deciding whether or not it's worth having someone else do it for you.  Usually it's only going to be cost effective (for both parties) if you're spending above a certain threshold, though.  ie: if you're testing the waters with, say, a few hundred dollars, it's probably in your best interest to manage it yourself.
 
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