As of June 30, 2017, Townsend had assets under management of approximately $14.8 billion; and provided advisory services to clients who had real estate/real asset allocations exceeding $184.5 billion.
Non Regulatory ASSETS UNDER MANAGEMENT
As of June 30, 2017, Townsend had assets under management of approximately $14.8 billion. When calculating assets under management, Townsend aggregates net asset values and unfunded commitments on a quarterly basis. Townsend relies on third parties to provide asset valuations, which typically takes in excess of 90 days after the quarter end. Therefore, assets under management have been calculated using June 30, 2017 figures where available but may also include March 31, 2017 figures. Assets under management are calculated quarterly and includes discretionary assets under management and non-discretionary client assets where the client’s contractual arrangement provides the client with the ability to opt out of or into particular transactions, or provides other ancillary control rights over investment decision-making (a/k/a “quasi-discretionary”). Regulatory AUM is calculated annually and can be made available upon request.
As of June 30, 2017, Townsend provided advisory services to clients who had real estate/real asset allocations exceeding $184.5 billion. Advised assets includes real estate and real asset allocation as reported by our clients for whom Townsend provides multiple advisory services—including strategic and underwriting advice for the entire portfolio. Advised assets are based on totals reported by each client to Townsend or derived from publicly available information. Advised assets are calculated quarterly. Select clients report less frequently than quarterly in which case we roll forward prior quarter totals. The recent change in Advised Assets is due to a change in the reporting of certain special projects.