miisclient.exe crashes after install of hotfix 4.1.3721.0

I just upgraded FIM 2010 R2 to 4.1.3721.0 and miisclient.exe now crashes as soon as I launch it.

Event log error: 

Faulting application name: miisclient.exe, version: 4.1.3721.0, time stamp: 0x56c2fd40
Faulting module name: KERNELBASE.dll, version: 6.1.7601.18229, time stamp: 0x51fb1677
Exception code: 0xe0434f4d
Fault offset: 0x000000000000940d
Faulting process id: 0x%9
Faulting application start time: 0x%10
Faulting application path: %11
Faulting module path: %12
Report Id: %13

Anyone encountered this?