[5] The AUM of an entity is often compared with historical data to express the amount (or lack) of growth.
In contrast, Renaissance Technologies' Medallion Fund has significantly outperformed the S&P 500 index since its inception.
However, it manages fewer assets (reportedly about US$34.8 billion[8]) than the SPDR S&P 500 index fund because it is oversubscribed and closed to new investors.
Conversely, AUM are reduced by negative investment performance as well as redemptions or withdrawals, including fund closures, client defections and other generally adverse events.
The precise definition of AUM varies by institution, as some firms may include certain assets as being "under management", while others may not.
While different firms may include assets that others do not in their AUM computation, Assets Under Management typically include: For example, if fund managers contribute $2B of their capital to the fund and raise an additional $10B from investors, their AUM is $12B.
AUM by contrast refers to the value of assets managed by an individual or firm, not a fund.
Unlike NAV, AUM is in reference to the total value of assets being managed rather than expressed on a per-share basis.
Data collected by globalcustody.net on 50+ service providers records dramatic growth in the overall size of this market in a generation.