## Table 0 ##
(1) Amounts include $6.0 billion of AUM reclassed from non-ETF index equity and fixed income to multi-asset.
BlackRock’s multi-asset class team manages a variety of balanced funds and bespoke mandates for a diversified client base that leverages our broad investment expertise in global equities, currencies, bonds and commodities, and our extensive risk management capabilities.
Investment solutions might include a combination of long-only portfolios and alternative investments as well as tactical asset allocation overlays.
Flows reflected ongoing institutional demand for our solutions-based advice with $27.1 billion, or 64%, of net inflows coming from institutional clients.
Defined contribution plans of institutional clients remained a significant driver of flows, and contributed $20.5 billion to institutional multi-asset class net new business in 2013, primarily into target date and target risk product offerings.
Retail net inflows of $14.8 billion were driven by particular demand for our Global Allocation suite, which saw $6.3 billion of net inflows, and our Multi-Asset Income fund which raised $4.1 billion in 2013.
The Company’s multi-asset strategies include the following: ?
Asset allocation and balanced products represented 50% of multi-asset class AUM at year-end, with growth in AUM driven by net new business of $15.9 billion.
These strategies combine equity, fixed income and alternative components for investors seeking a tailored solution relative to a specific benchmark and within a risk budget.
In certain cases, these strategies seek to minimize downside risk through diversification, derivatives strategies and tactical asset allocation decisions.
Flagship products in this category include our Global Allocation and Multi-Asset Income suites.  ?
Target date and target risk products grew 37% organically in 2013.
Institutional investors represented 90% of target date and target risk AUM, with defined contribution plans accounting for over 80% of AUM.
The remaining 10% of target date and target risk AUM consisted of retail client investments.
Flows were driven by defined contribution investments in our LifePath and LifePath Retirement Income?
offerings, and included $10.4 billion of assets related to two large LifePath open-architecture assignments where we provide customized asset allocation glidepaths, direct asset management and model the use of third-party managers.
LifePath products utilize a proprietary asset allocation model that seeks to balance risk and return over an investment horizon based on the investor’s expected retirement timing.  ?
Fiduciary management services are complex mandates in which pension plan sponsors or endowments and foundations retain BlackRock to assume responsibility for some or all aspects of plan management.
These customized services require strong partnership with the clients’ investment staff and trustees in order to tailor investment strategies to meet client-specific risk budgets and return objectives.
## Table 1 ##
(1) Amounts represent AUM acquired in the Credit Suisse ETF acquisition in July 2013 and AUM acquired in the MGPA acquisition in October 2013.
The BlackRock Alternative Investors (“BAI”) group coordinates our alternative investment efforts, including product management, business development and client service.
Our alternatives products fall into two main categories — core and currency and commodities.
Core includes hedge funds, funds of funds (hedge funds and private equity), real estate and hard asset offerings.
The products offered under the BAI umbrella are described below.
We continued to make significant investments in our alternatives platform as demonstrated by our acquisition of MGPA, which doubled the size of our real estate investment advisory platform in addition to extending our real estate debt and equity investment capabilities to Asia-Pacific and Europe, and the build out of our alternatives retail platform, which now stands at $16.2 billion in AUM.
We believe that as alternatives become more conventional and investors adapt
nonoperating income (expense).
BlackRock also uses operating margin, as adjusted, to monitor corporate performance and efficiency and as a benchmark to compare its performance with other companies.
Management uses both GAAP and non-GAAP financial measures in evaluating BlackRock’s financial performance.
The non-GAAP measure by itself may pose limitations because it does not include all of BlackRock’s revenues and expenses.
Operating income used for measuring operating margin, as adjusted, is equal to operating income, as adjusted, excluding the impact of closed-end fund launch costs and related commissions.
Management believes the exclusion of such costs and related commissions is useful because these costs can fluctuate considerably and revenues associated with the expenditure of these costs will not fully impact BlackRock’s results until future periods.
Revenue used for operating margin, as adjusted, excludes distribution and servicing costs paid to related parties and other third parties.
Management believes the exclusion of such costs is useful because it creates consistency in the treatment for certain contracts for similar services, which due to the terms of the contracts, are accounted for under GAAP on a net basis within investment advisory, administration fees and securities lending revenue.
Amortization of deferred sales commissions is excluded from revenue used for operating margin measurement, as adjusted, because such costs, over time, substantially offset distribution fee revenue the Company earns.
For each of these items, BlackRock excludes from revenue used for operating margin, as adjusted, the costs related to each of these items as a proxy for such offsetting revenues.
(b) Nonoperating income (expense), less net income (loss) attributable to noncontrolling interests, as adjusted, is presented below.
The compensation expense offset is recorded in operating income.
This compensation expense has been included in nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted, to offset returns on investments set aside for these plans, which are reported in nonoperating income (expense), GAAP basis.
Management believes nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted, provides comparability of information among reporting periods and is an effective measure for reviewing BlackRock’s nonoperating contribution to results.
As compensation expense associated with (appreciation) depreciation on investments related to certain deferred compensation plans, which is included in operating income, substantially offsets the gain (loss) on the investments set aside for these plans, management believes nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted, provides a useful measure, for both management and investors, of BlackRock’s nonoperating results that impact book value.
During 2013, the noncash, nonoperating pre-tax gain of $80 million related to the contributed PennyMac investment has been excluded from nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted due to its nonrecurring nature and because the more than offsetting associated Charitable Contribution expense of $124 million is reported in operating income.
## Table 2 ##
(c) Net income attributable to BlackRock, as adjusted: Management believes net income attributable to BlackRock, Inc. , as adjusted, and diluted earnings per common share, as adjusted, are useful measures of BlackRock’s profitability and financial performance.
Net income attributable to BlackRock, Inc. , as adjusted, equals net income attributable to BlackRock, Inc. , GAAP basis, adjusted for significant nonrecurring items, charges that ultimately will not impact BlackRock’s book value or certain tax items that do not impact cash flow.
See note (a) Operating income, as adjusted, and operating margin, as adjusted, for information on the PNC LTIP funding obligation, Merrill Lynch compensation contribution, Charitable Contribution, U. K.  lease exit costs, contribution to STIFs and restructuring charges.
The 2013 results included a tax benefit of approximately $48 million recognized in connection with the Charitable Contribution.
The tax benefit has been excluded from net income attributable to BlackRock, Inc. , as adjusted due to the nonrecurring nature of the Charitable Contribution.
During 2013, income tax changes included adjustments related to the revaluation of certain deferred income tax liabilities, including the effect of legislation enacted in the United Kingdom and domestic state and local income tax changes.
During 2012, income tax changes included adjustments related to the revaluation of certain deferred income tax liabilities, including the effect of legislation enacted in the United Kingdom and the state and local income tax effect resulting from changes in the Company’s organizational structure.
During 2011, income tax changes included adjustments related to the revaluation of certain deferred income tax liabilities due to a state tax election and enacted U. K. , Japan, U. S.  state and local tax legislation.
The resulting decrease in income taxes has been excluded from net income attributable to BlackRock, Inc. , as adjusted, as these items will not have a cash flow impact and to ensure comparability among periods presented.
The following summarizes changes in operating expenses for the year ended December 31, 2015 compared to 2014.

<table><tr><td></td><td colspan="5"> Component Changes in Multi-Asset Class AUM</td></tr><tr><td> <i>(in millions)</i> </td><td> 12/31/2012</td><td> Net New Business</td><td> Adjustments<sup>-1</sup></td><td> Market / FX</td><td> 12/31/2013</td></tr><tr><td>Asset allocation and balanced</td><td>$140,160</td><td>$15,904</td><td>$—</td><td>$13,540</td><td>$169,604</td></tr><tr><td>Target date/risk</td><td>69,884</td><td>26,073</td><td>5,998</td><td>9,453</td><td>111,408</td></tr><tr><td>Fiduciary</td><td>57,704</td><td>321</td><td>—</td><td>2,177</td><td>60,202</td></tr><tr><td> Multi-asset</td><td>$267,748</td><td>$42,298</td><td>$5,998</td><td>$25,170</td><td>$341,214</td></tr></table>
<table><tr><td></td><td colspan="5"> Component Changes in Alternatives AUM</td></tr><tr><td> <i>(in millions)</i> </td><td> 12/31/2012</td><td>Net New Business</td><td> Acquisitions<sup>-1</sup></td><td>Market / FX</td><td> 12/31/2013</td></tr><tr><td>Core:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Hedge Funds</td><td>$26,636</td><td>$4,440</td><td>$—</td><td>$1,102</td><td>$32,178</td></tr><tr><td>Funds of Funds</td><td>29,083</td><td>-1,358</td><td>—</td><td>1,111</td><td>28,836</td></tr><tr><td>Real Estate and Hard Assets</td><td>12,648</td><td>-379</td><td>10,972</td><td>771</td><td>24,012</td></tr><tr><td>Subtotal Core</td><td>68,367</td><td>2,703</td><td>10,972</td><td>2,984</td><td>85,026</td></tr><tr><td>Currency and commodities</td><td>41,428</td><td>-8,653</td><td>1,645</td><td>-8,332</td><td>26,088</td></tr><tr><td> Alternatives</td><td>$109,795</td><td>$-5,950</td><td>$12,617</td><td>$-5,348</td><td>$111,114</td></tr></table>
<table><tr><td><i>(in millions)</i></td><td>2013</td><td>2012</td><td>2011</td></tr><tr><td>Nonoperating income (expense), GAAP basis</td><td>$116</td><td>$-54</td><td>$-114</td></tr><tr><td>Less: Net income (loss) attributable to NCI</td><td>19</td><td>-18</td><td>2</td></tr><tr><td>Nonoperating income (expense)</td><td>97</td><td>-36</td><td>-116</td></tr><tr><td>Gain related to Charitable Contribution</td><td>-80</td><td>—</td><td>—</td></tr><tr><td>Compensation expense related to (appreciation) depreciation on deferred compensation plans</td><td>-10</td><td>-6</td><td>3</td></tr><tr><td>Nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted</td><td>$7</td><td>$-42</td><td>$-113</td></tr></table>

Question: In the year with largest amount of Asset allocation and balanced, what's the sum of Net New Business? (in millon)
Answer: 15904