Regulatory AUM vs Normal AUM
If you search up different hedge funds on WhaleWisdom, aum13f.com, docoh.com, and the official EDGAR 13F database, you sometimes get different values for the fund's AUM.
The difference lies in the fact that some sites show Regulatory AUM, while others report normal AUM. And the discrepancy can be substantial. I read somewhere, for example, that Balyasny has $127bn regulatory AUM but only $6bn normal AUM. (https://www.reuters.com/article/us-health-coronav…) (https://aum13f.com/guide/regulatory-aum-vs-aum-me…)
A google search shows that regulatory AUM is "calculated based on the advisor's gross assets under management (including securities purchased with borrowed amounts), not the net value of the accounts."
But what I couldn't find is, which AUM does a fund use to charge management and performance fees?
I'm assuming it must be regulatory AUM, because if a fund like Balyasny only charges fees on their 6bn AUM, their 699 employees must be starving.