AUM definition and calculation
Assets Under Management Guide and Calculator
Understand what assets under management measures, separate flows from market performance, and calculate the change with your own figures.
Assets under management is the total market value of client assets an investment manager manages.
Calculate the change in AUM.
Display currency
Calculated result
Enter starting AUM to see the result.
Formula
Ending AUM equals starting AUM plus client inflows and investment gains, minus client outflows and investment losses.
Reported figures may differ.
This calculator is an explanatory bridge. Regulatory filings and manager reports may use different asset coverage, valuation dates, and valuation methods.
Separate AUM growth into two drivers.
Net client flows equal new client money minus withdrawals. A positive figure means the manager gained assets independently of market movements.
Net investment change equals gains minus losses. If AUM rose while net flows were negative, market performance may have masked client withdrawals.
A numerical AUM example
Starting AUM of 1,000 plus inflows of 100, minus outflows of 40, plus gains of 60, minus losses of 10 produces ending AUM of 1,110. Net client flows are 60 and net investment change is 50.
AUM compared with NAV and AUA
All three terms describe assets, but they answer different questions.
| Measure | What it represents | Common use |
|---|---|---|
| AUM | The market value of client assets managed by an investment manager | Manager, strategy, or product scale |
| NAV | Fund assets minus liabilities | Total fund value and value per share |
| AUA | Assets advised or administered that may not be directly managed | Scope of advisory or administrative services |
Check the definition in official sources.
The general definition and the regulatory calculation are not always identical, so read the applicable filing rules.
Frequently asked questions about AUM
What does AUM stand for?
AUM stands for assets under management, the market value of client assets managed by an investment manager.
Does higher AUM mean better performance?
No. AUM shows scale and client assets, while returns, risk, and fees must be evaluated separately.
What makes AUM increase?
AUM can rise through net client inflows or gains in the market value of holdings. Acquisitions, currency moves, and distributions can also matter.
Can this result be used for Form ADV?
No. Regulatory AUM for Form ADV follows specific rules for included accounts, valuation timing, and fair value.