Assets under management (AUM) refers to the total volume of financial assets managed by a company, financial institution or fund manager on behalf of clients or investors. It typically includes a variety of asset classes such as equities, bonds, cash, real estate and other assets. AUM serves as a measure of the size and scope of a company or fund manager and can be used to evaluate market position and success. It is often used as an important metric in the financial industry to assess its potential for revenue and fees.