ASSETS AND SALES Total assets, which include mutual, segregated and hedge funds, separately managed accounts, structured products,  pooled assets and assets under administration were $98.9 billion at December 31, 2012, an increase of 9% from $91.1 billion  at December 31, 2011. As shown in Table 3, these assets consisted of $75.7 billion in assets under management and $23.2  billion in assets under administration at December 31, 2012, which increased 9% and 8%, respectively during the year,  primarily due to market performance. TABLE 3: TOTAL ASSETS *Includes $10.9 billion and $9.8 billion of managed assets in CI and United funds in 2012 and 2011, respectively. As at  As at (in billions) Dec. 31, 2012  Dec. 31, 2011  % change Assets under management  $75.7  $69.6  9 Assets under administration*  23.2  21.5  8 Total assets under management  $98.9  $91.1  9 (in billions) 2012 2011 Assets under management at January 1  $69.6  $72.8 Gross sales  10.6 9.1 Redemptions  9.6 8.8 Net sales  1.0 0.3 Market performance  5.1 (3.5) Assets under management at December 31  $75.7  $69.6 Average assets under management for the year  $72.6  $72.2 TABLE 4: CHANGE IN ASSETS UNDER MANAGEMENT Assets under management form the majority of CI’s total assets and provide most of its revenue and net income. The  change in assets under management during each of the past two years is detailed in Table 4. Gross sales increased in 2012  as CI won additional institutional mandates and strong fund performance led to higher retail sales. 27