the second largest closed-end fund manager and a top- ten manager by aum and 2013 net flows of long-term open-end mutual funds1 . in 2013 , we were also the leading manager by net flows for long-dated fixed income mutual funds1 . 2022 we have fully integrated our legacy retail and ishares retail distribution teams to create a unified client-facing presence . as retail clients increasingly use blackrock 2019s capabilities in combination 2014 active , alternative and passive 2014 it is a strategic priority for blackrock to coherently deliver these capabilities through one integrated team . 2022 international retail long-term net inflows of $ 17.5 billion , representing 15% ( 15 % ) organic growth , were positive across major regions and diversified across asset classes . equity net inflows of $ 6.4 billion were driven by strong demand for our top-performing european equities franchise as investor risk appetite for the sector improved . multi-asset class and fixed income products each generated net inflows of $ 4.8 billion , as investors looked to manage duration and volatility in their portfolios . in 2013 , we were ranked as the third largest cross border fund provider2 . in the united kingdom , we ranked among the five largest fund managers2 . ishares .

Table:
( in millions ) | component changes in aum 2014 ishares 12/31/2012 | component changes in aum 2014 ishares net new business | component changes in aum 2014 ishares acquisition ( 1 ) | component changes in aum 2014 ishares market / fx | component changes in aum 2014 ishares 12/31/2013
equity | $ 534648 | $ 74119 | $ 13021 | $ 96347 | $ 718135
fixed income | 192852 | -7450 ( 7450 ) | 1294 | -7861 ( 7861 ) | 178835
multi-asset class | 869 | 355 | 2014 | 86 | 1310
alternatives ( 2 ) | 24337 | -3053 ( 3053 ) | 1645 | -6837 ( 6837 ) | 16092
total ishares | $ 752706 | $ 63971 | $ 15960 | $ 81735 | $ 914372
alternatives ( 2 ) 24337 ( 3053 ) 1645 ( 6837 ) 16092 total ishares $ 752706 $ 63971 $ 15960 $ 81735 $ 914372 ( 1 ) amounts represent $ 16.0 billion of aum acquired in the credit suisse etf acquisition in july 2013 .
( 2 ) amounts include commodity ishares .
ishares is the leading etf provider in the world , with $ 914.4 billion of aum at december 31 , 2013 , and was the top asset gatherer globally in 20133 with $ 64.0 billion of net inflows for an organic growth rate of 8% ( 8 % ) .
equity net inflows of $ 74.1 billion were driven by flows into funds with broad developed market exposures , partially offset by outflows from emerging markets products .
ishares fixed income experienced net outflows of $ 7.5 billion , as the continued low interest rate environment led many liquidity-oriented investors to sell long-duration assets , which made up the majority of the ishares fixed income suite .
in 2013 , we launched several funds to meet demand from clients seeking protection in a rising interest rate environment by offering an expanded product set that includes four new u.s .
funds , including short-duration versions of our flagship high yield and investment grade credit products , and short maturity and liquidity income funds .
ishares alternatives had $ 3.1 billion of net outflows predominantly out of commodities .
ishares represented 23% ( 23 % ) of long-term aum at december 31 , 2013 and 35% ( 35 % ) of long-term base fees for ishares offers the most diverse product set in the industry with 703 etfs at year-end 2013 , and serves the broadest client base , covering more than 25 countries on five continents .
during 2013 , ishares continued its dual commitment to innovation and responsible product structuring by introducing 42 new etfs , acquiring credit suisse 2019s 58 etfs in europe and entering into a critical new strategic alliance with fidelity investments to deliver fidelity 2019s more than 10 million clients increased access to ishares products , tools and support .
our alliance with fidelity investments and a successful full first year for the core series have deeply expanded our presence and offerings among buy-and-hold investors .
our broad product range offers investors a precise , transparent and low-cost way to tap market returns and gain access to a full range of asset classes and global markets that have been difficult or expensive for many investors to access until now , as well as the liquidity required to make adjustments to their exposures quickly and cost-efficiently .
2022 u.s .
ishares aum ended at $ 655.6 billion with $ 41.4 billion of net inflows driven by strong demand for developed markets equities and short-duration fixed income .
during the fourth quarter of 2012 , we debuted the core series in the united states , designed to provide the essential building blocks for buy-and-hold investors to use in constructing the core of their portfolio .
the core series demonstrated solid results in its first full year , raising $ 20.0 billion in net inflows , primarily in u.s .
equities .
in the united states , ishares maintained its position as the largest etf provider , with 39% ( 39 % ) share of aum3 .
2022 international ishares aum ended at $ 258.8 billion with robust net new business of $ 22.6 billion led by demand for european and japanese equities , as well as a diverse range of fixed income products .
at year-end 2013 , ishares was the largest european etf provider with 48% ( 48 % ) of aum3 .
1 simfund 2 lipper feri 3 blackrock ; bloomberg .

Question: without the net new business led by demand for european and japanese equities , what was the value of international shares ? in billion $ ?
Answer: 236.2
Calculation: subtract(258.8, 22.6)