As of September 30, 2016, Townsend provided advisory services to clients who had real estate/real asset allocations exceeding $173.1 billion ("advised assets"). As of September 30, 2016, Townsend had assets under management ("AUM") of approximately $15.0 billion in discretionary or non-discretonary client assets where the client's contractual arrangement provides the client with the ability to opt out/in to particular transactions or provides other ancillary control rights over investment decisoin making.