Following the publication of the ‘Assets Under Management 2021’ paper which aimed to provide a clear overview of the main components considered by investment managers used to calculate AUM, we are pleased to announce the launch of an AUM basis of disclosure tool to help investment managers facilitate clear and transparent reporting of AUM components. The Global Standards Steering Committee (SSC) have developed this new excel based tool which includes drop down menus to specify how each of the AUM components is reported within the calculation.

Over the past year, ANREV, INREV, NCREIF and PREA Reporting standards together with the Global Standards Steering Committee (SSC) have conducted an in-depth consultation to assess and bring greater consistency to the definition of AUM, including calculation methodologies.

As such, INREV, ANREV and NCREIF PREA Reporting Standards together with the Global Standards Steering Committee (SSC) have conducted a high level research to assess the current definition and use of AUM including calculation methods.

Guido Verhoef, Head of Private Real Estate, PGGM and Co-chair of the Global Standards Steering Committee, said: ‘TGER is a tremendous step forward for the industry as a whole.   ... It’s certainly an achievement of which the Global Standards Steering Committee is immensely proud.’   John Caruso, Managing Director, Global Head of Fund Finance, Nuveen Real Estate and Co-chair of the Global Standards Steering Committee states: ‘Finally, investors have the ability to easily compare fees and expenses across funds, which is a major consideration in making an investment decision.  

In addition to facilitating comparisons, the TGER bridges gaps in technical descriptions and definitions to ensure greater consistency of language and points of reference between investment managers and investors across all geographic regions.   Spearheaded by the Global Standards Steering Committee that prioritises and directs the Global Standards initiative the proposed TGER was developed through global industry collaboration over 18 months.  

TGER and the GDD are initiatives of the Global Standards Steering Committee, established as a collaboration between INREV, ANREV, NCREIF and PREA to jointly develop comparable reporting standards for institutional real estate investment vehicles on a global basis. ... John Caruso, TH Real Estate, Co-chair Global Standards Steering Committee:

“This is an important step towards achieving a set of global reporting standards and guidelines that would eliminate a major pain point for both investors and investment managers alike,” said John Caruso, Managing Director, Head of Finance TH Real Estate - Americas and Co-Chair of the Global Standards Steering Committee. The need for a common set of terms is a critical component of the global initiative and the fact that it is available as an interactive online tool makes it easily assessable to everyone. ... View the Global Definitions Database The GDD is an initiative of the Global Standards Steering Committee, established as a collaboration between INREV, ANREV, NCREIF and PREA to jointly develop uniform market standards for institutional real estate investment vehicles on a global basis.

Neil Harris, Co-Chair of the INREV Global Standards Steering Committee explains the importance of setting common industry standards and language across the globe.

Representatives from each association worked together to jointly develop this report. The Global Standards Steering Committee (SSC) sets the priorities for our collaboration efforts. John Caruso, Senior Director at TIAA and member of the NCREIF PREA Reporting Standards Council, along with Neil Harris, Senior Vice President at GIC and INREV Chairman, co-chair the committee.