As directed by the UN PRI, we are not including our asset allocation AUM in this response because the framework does not currently provide a reporting module for asset allocators.
Our asset allocation strategies are not "Execution and Advisory" strategies as defined in the UN PRI reporting framework. QMA provides oversight, analysis and investment direction regarding the transfer of assets among investment choices in each client's portfolio. For this reason QMA typically includes all assets managed by the asset allocation when determining discretionary assets under management. As of 12/31/2016 our total AUM, including asset allocation, is USD $116,116,787,587. Our total assets under management is adjusted to avoid double counting any assets managed directly by us in certain commingled funds or accounts to which we allocate under our multi-asset class strategies. However as stated above, we are not including our asset allocation AUM in the total AUM because the current framework does not include a reporting module for asset allocators.
In addition, we do provide certain investment advisory services to an unaffiliated managed account program sponsor on a non-discretionary basis. These services consist of the furnishing of model portfolios in various strategies, which the program sponsor may choose to employ in its management of accounts under one or more managed account programs. We do not effect or arrange for the purchase or sale of any securities in connection with these services. The program sponsor charges a single program fee to its clients for all services provided under the program, and pays its advisers, including QMA, a portion of that fee for the services rendered to the program sponsor. We seek to manage these non-discretionary model portfolios and our discretionary institutional accounts in a similar manner within the same strategy.
We also offer non-discretionary multi-asset class model strategies on affiliated and unaffiliated platforms. In these arrangements, the platform sponsors would typically make our model portfolios available to investors, generally through intermediaries such as financial planners. We do not have discretion over the implementation of these models in individual investor portfolios.
On occasion, to accommodate client requirements, our investment recommendations with respect to a portfolio are subject to client approval and are therefore non-discretionary in that respect.
Note that we do not include assets managed by other persons based on non-discretionary model portfolios provided by QMA in our assets under management.