DIRECT ANSWER
Definition
Regulatory assets under management (RAUM) is the value an investment adviser reports in Item 5.F of Form ADV using the form’s prescribed calculation instructions. It includes qualifying securities portfolios receiving continuous and regular supervisory or management services and should not be treated as interchangeable with every AUM figure a firm publishes.
At a glance
- Abbreviation
- RAUM
- Source
- Form ADV Item 5.F
- Breakdown
- Discretionary and non-discretionary
- Timing
- Based on the filing’s measurement date
01
How RAUM is determined
The Form ADV instructions define which accounts qualify, what continuous and regular supervisory or management services mean, and how assets are valued. The instructions include specific treatment for private funds and uncalled commitments.
AUMSearch should display total, discretionary, and non-discretionary regulatory AUM only as reported for a particular filing.
02
Why RAUM may differ from firm-published AUM
A firm’s marketing methodology may include or exclude assets differently, combine affiliates, use a different reporting date, or present net rather than gross measures. The fact that both figures use the letters “AUM” does not make them directly comparable.
03
What RAUM does not mean
- It is not the adviser’s corporate balance-sheet assets.
- It is not proof of investment performance or quality.
- It is not the market value of a 13F filing.
- It is not necessarily current after the filing date.
SRC
Primary sources
Definitions and regulatory claims on this page are grounded in the following official public resources.