Based on prior discussions with the PRI, we are not including our asset allocation AUM in the response to 4.2 because the current PRI framework does not provide a reporting module for asset allocators. Our asset allocation strategies are also 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 asset class choices in our underlying asset allocation portfolios. However, QMA does not select the third-party underlying external investment managers in these portfolios.This is typically performed by The Strategic Investment Research Group, a business unit of our affiliate PGIM Investments LLC.
As of 12/31/2018, QMA’s total AUM, including asset allocation, was USD $108.9 billion. Of this amount, as of 12/31/2018, QMA had $49.2 billion in asset allocation AUM. 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.