RAUM vs AUM

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Calculating Regulatory AUM

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Balysany has $127 BB in RAUM and $6 BB in AUM [1]. AQR has $308 BB in RAUM and $194 BB in AUM [2].

The RAUM differs, sometimes significantly, from the AUM that asset managers calculate for non-regulatory purposes. First, RAUM is gross rather than net assets, so it adds both long and short positions, even if they are hedges that cancel each other out. Second, RAUM includes the full leveraged amount, dry powder that hasn't been called yet, and non-fee-generating assets that aren't normally included in AUM.

Investment advisers report their RAUM to the SEC on their Form ADV. It is publicly available on the Investment Adviser Public Disclosure website. The RAUM was developed in 2011 as part of "Rules Implementing Amendments to the Investment Advisers Act of 1940" to "improve consistency by eliminating choices the instructions had provided advisers that have enabled some of them to opt in or out of federal or state regulation." [3]

[1] Reuters 2019-07-15
[2] AQR Our Firm
[3] https://www.sec.gov/rules/final/2011/ia-3221.pdf

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