Assets under management is the total market value of the money a firm invests on behalf of clients. It grows with returns, with new inflows, and with acquisitions.
资产管理规模是机构替客户管理的资金总市值。它的增长来自三处：投资收益、新资金流入、并购。
AUM is the base on which fees are charged, so it is the industry's key scale metric. But growth in AUM is not growth in the business: in a rising market, every manager's AUM grows without winning a single client. That is why flows and net new money are reported separately — they separate skill from beta.
AUM 是收费的基数，所以它是这个行业的核心规模指标。但 AUM 增长不等于业务增长：牛市里，任何经理的规模都会涨，一个客户都没多拿。
这就是为什么「资金净流入」要单独披露——它把能力和市场贝塔分开。
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| $1.37tn | Blackstone's profit falls as choppy market tempers investment exits 资产管理规模 · 第 1 张术语卡 | Blackstone's AUM rose 10 per cent to a record $1.37 trillion — which is why fees grew even as exits fell. AUM 有两种增长来源：募到新钱（net inflows），以及已有资产升值（appreciation）。前者是募资本事，后者只是账面变动。看资管公司一定要把两者拆开——本篇里 633 亿美元是新流入，其余增长来自市值变化与汇兑。 |
| $15.5tn | Wall Street slumps as hot inflation revives the Fed’s rate-hike fears 资产管理规模 · 第 6 张术语卡 | BlackRock’s AUM hit $15.5 trillion after clients poured in $205 billion — showing where the money is still flowing. 资管公司主要靠『按规模收管理费』赚钱，与自身投资盈亏无关。贝莱德是全球最大资管机构，旗下 iShares 做 ETF。 |
AUM is revenue
Fees are a small percentage of AUM, and they are under pressure.
Bigger AUM means better returns
Size often makes returns harder, not easier.
AUM growth means client wins
Market appreciation does most of it in a bull market.
· $1.5tn under management
· net inflows
· fee margin
· assets under management grew
· redemptions
$1.5tn under management 管理 1.5 万亿美元；net inflows 净流入；fee margin 费率；assets under management grew 管理规模增长；redemptions 赎回。
· AUM vs net flows
· AUM vs assets under advisement
AUM 是存量，net flows 是增量；AUM 是全权管理资产，assets under advisement 是提供建议但不一定全权管理。
The firm ended the quarter with $Xbn under management, up Y% on net inflows.
业绩句：季末管理规模 X 亿美元，净流入推动增长 Y%——on net inflows 说明了增长的来源。
“Blackstone's AUM rose 10 per cent to a record $1.37 trillion — which is why fees grew even as exits fell.”
“BlackRock’s AUM hit $15.5 trillion after clients poured in $205 billion — showing where the money is still fl…”