long-term product offerings include active and index strategies . our active strategies seek to earn attractive returns in excess of a market benchmark or performance hurdle while maintaining an appropriate risk profile . we offer two types of active strategies : those that rely primarily on fundamental research and those that utilize primarily quantitative models to drive portfolio construction . in contrast , index strategies seek to closely track the returns of a corresponding index , generally by investing in substantially the same underlying securities within the index or in a subset of those securities selected to approximate a similar risk and return profile of the index . index strategies include both our non-etf index products and ishares etfs . althoughmany clients use both active and index strategies , the application of these strategies may differ . for example , clients may use index products to gain exposure to a market or asset class . in addition , institutional non-etf index assignments tend to be very large ( multi-billion dollars ) and typically reflect low fee rates . this has the potential to exaggerate the significance of net flows in institutional index products on blackrock 2019s revenues and earnings . equity year-end 2014 equity aum of $ 2.451 trillion increased by $ 133.4 billion , or 6% ( 6 % ) , from the end of 2013 due to net new business of $ 52.4 billion and net market appreciation and foreign exchange movements of $ 81.0 billion . net inflows were driven by $ 59.6 billion and $ 17.7 billion into ishares and non-etf index accounts , respectively . index inflows were offset by active net outflows of $ 24.9 billion , with outflows of $ 18.0 billion and $ 6.9 billion from fundamental and scientific active equity products , respectively . blackrock 2019s effective fee rates fluctuate due to changes in aummix . approximately half of blackrock 2019s equity aum is tied to international markets , including emerging markets , which tend to have higher fee rates than similar u.s . equity strategies . accordingly , fluctuations in international equity markets , which do not consistently move in tandemwith u.s . markets , may have a greater impact on blackrock 2019s effective equity fee rates and revenues . fixed income fixed income aum ended 2014 at $ 1.394 trillion , increasing $ 151.5 billion , or 12% ( 12 % ) , from december 31 , 2013 . the increase in aum reflected $ 96.4 billion in net new business and $ 55.1 billion in net market appreciation and foreign exchange movements . in 2014 , net new business was diversified across fixed income offerings , with strong flows into our unconstrained , total return and high yield products . flagship funds in these product areas include our unconstrained strategic income opportunities and fixed income global opportunities funds , with net inflows of $ 13.3 billion and $ 4.2 billion , respectively ; our total return fund with net inflows of $ 2.1 billion ; and our high yield bond fund with net inflows of $ 2.1 billion . fixed income net inflows were positive across investment styles , with ishares , non- etf index , and active net inflows of $ 40.0 billion , $ 28.7 billion and $ 27.7 billion , respectively . multi-asset class blackrock 2019s multi-asset class teammanages 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 . component changes in multi-asset class aum for 2014 are presented below . ( in millions ) december 31 , 2013 net inflows ( outflows ) market change fx impact december 31 , 2014 .
what portion of total multi-asset is related to target date/risk as of december 31 , 2014?
flows reflected ongoing institutional demand for our solutions-based advice with $ 15.1 billion , or 52% ( 52 % ) , of net inflows coming from institutional clients . defined contribution plans of institutional clients remained a significant driver of flows , and contributed $ 12.8 billion to institutional multi- asset class net new business in 2014 , primarily into target date and target risk product offerings . retail net inflows of $ 13.4 billion were driven by particular demand for our multi- asset income fund , which raised $ 6.3 billion in 2014 . the company 2019s multi-asset strategies include the following : 2022 asset allocation and balanced products represented 48% ( 48 % ) of multi-asset class aum at year-end , with growth in aum driven by net new business of $ 18.4 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 andmulti-asset income suites . 2022 target date and target risk products grew 10% ( 10 % ) organically in 2014 . institutional investors represented 90% ( 90 % ) of target date and target risk aum , with defined contribution plans accounting for over 80% ( 80 % ) of aum . the remaining 10% ( 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 ae offerings . lifepath products utilize a proprietary asset allocation model that seeks to balance risk and return over an investment horizon based on the investor 2019s expected retirement timing . 2022 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 planmanagement . these customized services require strong partnership with the clients 2019 investment staff and trustees in order to tailor investment strategies to meet client-specific risk budgets and return objectives. .