<Ul> <Li> Capital raised from investors; </Li> <Li> Capital belonging to the principals of the fund management firm . </Li> </Ul> <Li> Capital raised from investors; </Li> <Li> Capital belonging to the principals of the fund management firm . </Li> <P> For example, if fund managers contribute $2 B of their own capital to the fund and raise additional $10 B from investors, their AUM is $12 B . </P>

Difference between asset under management and asset under administration