retail and hnw investors ( excluding investments in ishares ) retail / hnw long-term aum by asset class & client region december 31 , 2012 ( dollar amounts in millions ) americas emea asia-pacific total .
what portion of the fixed income is related to americas?
blackrock serves retail and hnw investors globally through separate accounts , open-end and closed-end funds , unit trusts and private investment funds . at december 31 , 2012 , long-term assets managed for retail and hnw investors totaled $ 403.5 billion , up 11% ( 11 % ) , or $ 40.1 billion , versus year-end 2011 . during the year , net inflows of $ 11.6 billion in long-term products were augmented by market valuation improvements of $ 28.3 billion . retail and hnw investors are served principally through intermediaries , including broker-dealers , banks , trust companies , insurance companies and independent financial advisors . clients invest primarily in mutual funds , which totaled $ 322.4 billion , or 80% ( 80 % ) , of retail and hnw long-term aum at year-end , with the remainder invested in private investment funds and separately managed accounts . the product mix is well diversified , with 41% ( 41 % ) of long-term aum in equities , 34% ( 34 % ) in fixed income , 23% ( 23 % ) in multi-asset class and 2% ( 2 % ) in alternatives . the vast majority ( 98% ( 98 % ) ) of long-term aum is invested in active products , although this is partially inflated by the fact that ishares is shown separately , since we do not identify all of the underlying investors . the client base is also diversified geographically , with 74% ( 74 % ) of long-term aum managed for investors based in the americas , 19% ( 19 % ) in emea and 7% ( 7 % ) in asia-pacific at year- end 2012 . 2022 u.s . retail and hnw long-term inflows of $ 9.8 billion were driven by strong demand for u.s . sector- specialty and municipal fixed income mutual fund offerings and income-oriented equity . in 2012 , we broadened the distribution of alternatives funds to bring higher alpha , institutional quality hedge fund products to retail investors as three mutual funds launched at the end of 2011 gained traction and acceptance , raising close to $ 0.8 billion of assets . u.s . retail alternatives aum crossed the $ 5.0 billion threshold in 2012 . the year also included the launch of the blackrock municipal target term trust ( 201cbtt 201d ) with $ 2.1 billion of assets raised , making it the largest municipal fund ever launched and the largest overall industry offering since 2007 . we are the leading u.s . manager by aum of separately managed accounts , the second largest closed-end fund manager and a top-ten manager of long-term open-end mutual funds2 . 2022 international retail net inflows of $ 1.8 billion in 2012 were driven by fixed income net inflows of $ 5.2 billion . investor demand remained distinctly risk-off in 2012 , largely driven by macro political and economic instability and continued trends toward de-risking . equity net outflows of $ 2.9 billion were predominantly from sector-specific and regional and country- specific equity strategies due to uncertainty in european markets . our international retail and hnw offerings include our luxembourg cross-border fund families , blackrock global funds ( 201cbgf 201d ) , blackrock strategic funds with $ 83.1 billion and $ 2.4 billion of aum at year-end 2012 , respectively , and a range of retail funds in the united kingdom . bgf contained 67 funds registered in 35 jurisdictions at year-end 2012 . over 60% ( 60 % ) of the funds were rated by s&p . in 2012 , we were ranked as the third largest cross border fund provider3 . in the united kingdom , we ranked among the five largest fund managers3 , and are known for our innovative product offerings , especially within natural resources , european equity , asian equity and equity income . global clientele our footprint in each of these regions reflects strong relationships with intermediaries and an established ability to deliver our global investment expertise in funds and other products tailored to local regulations and requirements . 2 simfund , cerulli 3 lipper feri .