while global markets have significantly recovered since then , the effects of the pandemic are ongoing , and such impact may continue in future quarters if conditions persist or worsen . the aggregate extent to which covid-19 , and the related global economic crisis , affect blackrock 's business , results of operations and financial condition , will depend on future developments that are highly uncertain and can not be predicted , including the scope and duration of the pandemic and any recovery period , future actions taken by governmental authorities , central banks and other third parties ( including new financial regulation and other regulatory reform ) in response to the pandemic , and the effects on blackrock 's products , clients , vendors and employees . see part i , item 1a - risk factors herein for information on the possible future effects of the covid-19 pandemic on our results . in addition , although the forthcoming environment remains uncertain , blackrock 's business may be impacted by governmental changes , as well as potential regulations , foreign and trade policies and fiscal spending that may arise as a result of such changes . blackrock 's investment management revenue is primarily comprised of fees earned as a percentage of aum and , in some cases , performance fees , which are normally expressed as a percentage of fund returns to the client . numerous factors , including price movements in the equity , debt or currency markets , or in the price of real assets , commodities or alternative investments in which blackrock invests on behalf of clients , could impact blackrock 's aum , revenue and earnings . blackrock is currently voluntarily waiving a portion of its management fees on certain money market funds to ensure that they maintain a minimum level of daily net investment income . these waivers result in a reduction of management fees , a portion of which is partially offset by a reduction of blackrock 's distribution and servicing costs paid to financial intermediaries . blackrock has provided voluntary yield support waivers in prior periods and may increase or decrease the level of fee waivers in future periods . blackrock manages $ 4.4 trillion of equity assets across markets globally . beta divergence between equity markets , where certain markets perform differently than others , may lead to an increase in the proportion of blackrock aum weighted toward lower fee equity products , resulting in a decline in blackrock 's effective fee rate . divergent market factors may also erode the correlation between the growth rates of aum and investment advisory , administration fees and securities lending revenue ( collectively “ base fees ” ) . blackrock 's highly diversified multi-product platform was created to meet client needs in all market environments . blackrock is positioned to provide alpha-seeking active , index and cash management investment strategies across asset classes and geographies . in addition , blackrock leverages its world-class risk management , analytics and technology capabilities , including the aladdin platform , on behalf of clients . blackrock serves a diverse mix of institutional and retail clients across the globe , including investors in ishares etfs , maintaining differentiated client relationships and a fiduciary focus . the diversity of blackrock 's platform facilitates the generation of organic growth in various market environments , and as client preferences evolve . client demand continues for etfs and illiquid alternatives , which are two areas of focus for blackrock . the index investing industry has been growing rapidly – with etfs as a major beneficiary – driven by structural tailwinds including the migration from commission-based to fee-based wealth management , clients ' focus on value for money , the use of etfs as alpha tools and the growth of all-to-all networked trading . ishares etfs ' growth strategy is centered on increasing scale and pursuing global growth themes in client and 34 product segments , including core , strategic , which includes fixed income , factors , sustainable and megatrends etfs , and precision exposures . as the wealth management landscape shifts globally from individual product selection to a whole-portfolio approach , blackrock 's retail strategy is focused on creating outcome-oriented client solutions . this includes having a diverse platform of alpha-seeking active , index and alternative products , as well as enhanced distribution and portfolio construction technology offerings . digital wealth tools are an important component of blackrock 's retail strategy , as blackrock scales and customizes model portfolios , extends aladdin wealth and digital wealth partnerships globally , and helps advisors build better portfolios through portfolio construction and risk management , powered by aladdin . in february 2021 , blackrock acquired aperio , a pioneer in customizing tax-optimized index equity smas , to enhance our wealth platform and provide whole-portfolio solutions to ultra-high net worth advisors . by combining aperio with blackrock 's existing sma franchise , the company plans to expand the breadth of personalization capabilities available to wealth managers from blackrock via tax-managed strategies across factors , broad market indexing , and investor environmental , social , and governance preferences across all asset classes . blackrock continues to invest in technology services offerings , which enhance the ability to manage portfolios and risk , effectively serve clients and operate efficiently . anticipated industry consolidation and regulatory requirements should continue to drive demand for holistic and flexible technology solutions . blackrock 's aladdin platform provides clients with an ability to manage portfolios and risk across public and private asset classes on a single platform . across blackrock , more clients are focusing on the impact of sustainability on their portfolios . this shift has been driven by an increased understanding of how sustainability-related factors can affect economic growth , asset values , and financial markets as a whole . as a fiduciary , blackrock is committed to helping clients build more resilient portfolios . story_separator_special_tag 43 discussion of financial results introduction the company derives a substantial portion of its revenue from investment advisory and administration fees , which are recognized as the services are performed over time because the customer is receiving and consuming the benefits as they are provided by the company . fees are primarily based on agreed-upon percentages of aum and recognized for services provided during the period , which are distinct from services provided in other periods . such fees are affected by changes in aum , including market appreciation or depreciation , foreign exchange translation and net inflows or outflows . net inflows or outflows represent the sum of new client assets , additional fundings from existing clients ( including dividend reinvestment ) , withdrawals of assets from , and termination of , client accounts and distributions to investors representing return of capital and return on investments to investors . market appreciation or depreciation includes current income earned on , and changes in the fair value of , securities held in client accounts . foreign exchange translation reflects the impact of translating non-us dollar denominated aum into us dollars for reporting purposes . the company also earns revenue by lending securities on behalf of clients , primarily to highly rated banks and broker-dealers . the securities loaned are secured by collateral in the form of cash or securities , with minimum collateral generally ranging from approximately 102 % to 112 % of the value of the loaned securities . generally , the revenue earned is shared between the company and the funds or accounts managed by the company from which the securities are borrowed . investment advisory agreements for certain separate accounts and investment funds provide for performance fees based upon relative and or absolute investment performance , in addition to base fees based on aum . investment advisory performance fees generally are earned after a given period of time and when investment performance exceeds a contractual threshold . as such , the timing of recognition of performance fees may increase the volatility of the company 's revenue and earnings . the magnitude of performance fees can fluctuate quarterly due to the timing of carried interest recognition on alternative products ; however , the third and fourth quarters have a greater number of nonalternative products with performance measurement periods that end on either september 30 or december 31. the company offers investment management technology systems , risk management services , wealth management and digital distribution tools , all on a fee basis . clients include banks , insurance companies , official institutions , pension funds , asset managers , retail distributors and other investors . fees earned for technology services are primarily recorded as services are performed over time and are generally determined using the value of positions on the aladdin platform , or on a fixed-rate basis . revenue derived from the sale of software licenses is recognized upon the granting of access rights . the company earns distribution and service fees for distributing investment products and providing support services to investments portfolios . the fees are based on aum and are recognized when the amount of fees is known . the company advises global financial institutions , regulators , and government entities across a range of risk , regulatory , capital markets and strategic services . fees earned for advisory services , which are included in advisory and other revenue , are determined using fixed-rate fees and are recognized over time as the related services are completed . the company earns fees for transition management services primarily comprised of commissions recognized in connection with buying and selling securities on behalf of its customers . commissions related to transition management services , which are included in advisory and other revenue , are recorded on a trade-date basis as transactions occur . the company also earns revenue related to certain minority investments accounted for as equity method investments . operating expense reflects employee compensation and benefits , distribution and servicing costs , direct fund expense , general and administration expense and amortization of finite-lived intangible assets . employee compensation and benefits expense includes salaries , commissions , temporary help , deferred and incentive compensation , employer payroll taxes , severance and related benefit costs . distribution and servicing costs , which are primarily aum driven , include payments to third parties , primarily associated with distribution and servicing of client investments in certain company products . direct fund expense primarily consists of third-party nonadvisory expenses incurred by the company related to certain funds for the use of index trademarks , reference data for indices , custodial services , fund administration , fund accounting , transfer agent services , shareholder reporting services , legal expense , and audit and tax services as well as other fund-related expenses directly attributable to the nonadvisory operations of the fund . these expenses may vary over time with fluctuations in aum , number of shareholder accounts , or other attributes directly related to volume of business . general and administration expense includes marketing and promotional , occupancy and office-related costs , portfolio services ( including clearing expense related to transition management services ) , technology , professional services , communications , contingent consideration fair value adjustments , product launch costs , the impact of foreign currency remeasurement , and other general and administration expense . foreign currency remeasurement losses were $ 6 million and $ 31 million for 2020 and 2019 , respectively . approximately 75 % of the company 's revenue is generated in us dollars . the company 's revenue and expense generated in foreign currencies ( primarily the euro and british pound ) are impacted by foreign exchange rates . any effect of foreign exchange rate change on revenue is partially offset by a change in expense driven by the company 's considerable non-dollar expense base related to its operations outside the united states . nonoperating income ( expense ) includes the

liquidity and capital resources for details on the change in cash and cash equivalents during 2020 ) . accounts receivable at december 31 , 2020 increased $ 356 million from december 31 , 2019 , primarily due to higher performance and base fees receivables . investments , including the impact of consolidated sponsored investment products increased $ 1,430 million from december 31 , 2019 ( for more information see investments herein ) . goodwill and intangible assets decreased $ 117 million from december 31 , 2019 , primarily due to amortization of intangible assets . other assets ( including operating lease right-of-use ( “ rou ” ) assets and property and equipment ) decreased $ 4 million from december 31 , 2019 , primarily due to a net decrease in certain corporate minority investments , primarily related to the previously discussed charitable contribution of blackrock 's remaining 20 % stake in pennymac , partially offset by an increase in unit trust receivables ( substantially offset by an increase in unit trust payables recorded within other liabilities ) . liabilities . accrued compensation and benefits at december 31 , 2020 increased $ 442 million from december 31 , 2019 , primarily due to higher 2020 incentive compensation accruals .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources for details on the change in cash and cash equivalents during 2020 ) . accounts receivable at december 31 , 2020 increased $ 356 million from december 31 , 2019 , primarily due to higher performance and base fees receivables . investments , including the impact of consolidated sponsored investment products increased $ 1,430 million from december 31 , 2019 ( for more information see investments herein ) . goodwill and intangible assets decreased $ 117 million from december 31 , 2019 , primarily due to amortization of intangible assets . other assets ( including operating lease right-of-use ( “ rou ” ) assets and property and equipment ) decreased $ 4 million from december 31 , 2019 , primarily due to a net decrease in certain corporate minority investments , primarily related to the previously discussed charitable contribution of blackrock 's remaining 20 % stake in pennymac , partially offset by an increase in unit trust receivables ( substantially offset by an increase in unit trust payables recorded within other liabilities ) . liabilities . accrued compensation and benefits at december 31 , 2020 increased $ 442 million from december 31 , 2019 , primarily due to higher 2020 incentive compensation accruals .
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 Suspicious Activity Report : while global markets have significantly recovered since then , the effects of the pandemic are ongoing , and such impact may continue in future quarters if conditions persist or worsen . the aggregate extent to which covid-19 , and the related global economic crisis , affect blackrock 's business , results of operations and financial condition , will depend on future developments that are highly uncertain and can not be predicted , including the scope and duration of the pandemic and any recovery period , future actions taken by governmental authorities , central banks and other third parties ( including new financial regulation and other regulatory reform ) in response to the pandemic , and the effects on blackrock 's products , clients , vendors and employees . see part i , item 1a - risk factors herein for information on the possible future effects of the covid-19 pandemic on our results . in addition , although the forthcoming environment remains uncertain , blackrock 's business may be impacted by governmental changes , as well as potential regulations , foreign and trade policies and fiscal spending that may arise as a result of such changes . blackrock 's investment management revenue is primarily comprised of fees earned as a percentage of aum and , in some cases , performance fees , which are normally expressed as a percentage of fund returns to the client . numerous factors , including price movements in the equity , debt or currency markets , or in the price of real assets , commodities or alternative investments in which blackrock invests on behalf of clients , could impact blackrock 's aum , revenue and earnings . blackrock is currently voluntarily waiving a portion of its management fees on certain money market funds to ensure that they maintain a minimum level of daily net investment income . these waivers result in a reduction of management fees , a portion of which is partially offset by a reduction of blackrock 's distribution and servicing costs paid to financial intermediaries . blackrock has provided voluntary yield support waivers in prior periods and may increase or decrease the level of fee waivers in future periods . blackrock manages $ 4.4 trillion of equity assets across markets globally . beta divergence between equity markets , where certain markets perform differently than others , may lead to an increase in the proportion of blackrock aum weighted toward lower fee equity products , resulting in a decline in blackrock 's effective fee rate . divergent market factors may also erode the correlation between the growth rates of aum and investment advisory , administration fees and securities lending revenue ( collectively “ base fees ” ) . blackrock 's highly diversified multi-product platform was created to meet client needs in all market environments . blackrock is positioned to provide alpha-seeking active , index and cash management investment strategies across asset classes and geographies . in addition , blackrock leverages its world-class risk management , analytics and technology capabilities , including the aladdin platform , on behalf of clients . blackrock serves a diverse mix of institutional and retail clients across the globe , including investors in ishares etfs , maintaining differentiated client relationships and a fiduciary focus . the diversity of blackrock 's platform facilitates the generation of organic growth in various market environments , and as client preferences evolve . client demand continues for etfs and illiquid alternatives , which are two areas of focus for blackrock . the index investing industry has been growing rapidly – with etfs as a major beneficiary – driven by structural tailwinds including the migration from commission-based to fee-based wealth management , clients ' focus on value for money , the use of etfs as alpha tools and the growth of all-to-all networked trading . ishares etfs ' growth strategy is centered on increasing scale and pursuing global growth themes in client and 34 product segments , including core , strategic , which includes fixed income , factors , sustainable and megatrends etfs , and precision exposures . as the wealth management landscape shifts globally from individual product selection to a whole-portfolio approach , blackrock 's retail strategy is focused on creating outcome-oriented client solutions . this includes having a diverse platform of alpha-seeking active , index and alternative products , as well as enhanced distribution and portfolio construction technology offerings . digital wealth tools are an important component of blackrock 's retail strategy , as blackrock scales and customizes model portfolios , extends aladdin wealth and digital wealth partnerships globally , and helps advisors build better portfolios through portfolio construction and risk management , powered by aladdin . in february 2021 , blackrock acquired aperio , a pioneer in customizing tax-optimized index equity smas , to enhance our wealth platform and provide whole-portfolio solutions to ultra-high net worth advisors . by combining aperio with blackrock 's existing sma franchise , the company plans to expand the breadth of personalization capabilities available to wealth managers from blackrock via tax-managed strategies across factors , broad market indexing , and investor environmental , social , and governance preferences across all asset classes . blackrock continues to invest in technology services offerings , which enhance the ability to manage portfolios and risk , effectively serve clients and operate efficiently . anticipated industry consolidation and regulatory requirements should continue to drive demand for holistic and flexible technology solutions . blackrock 's aladdin platform provides clients with an ability to manage portfolios and risk across public and private asset classes on a single platform . across blackrock , more clients are focusing on the impact of sustainability on their portfolios . this shift has been driven by an increased understanding of how sustainability-related factors can affect economic growth , asset values , and financial markets as a whole . as a fiduciary , blackrock is committed to helping clients build more resilient portfolios . story_separator_special_tag 43 discussion of financial results introduction the company derives a substantial portion of its revenue from investment advisory and administration fees , which are recognized as the services are performed over time because the customer is receiving and consuming the benefits as they are provided by the company . fees are primarily based on agreed-upon percentages of aum and recognized for services provided during the period , which are distinct from services provided in other periods . such fees are affected by changes in aum , including market appreciation or depreciation , foreign exchange translation and net inflows or outflows . net inflows or outflows represent the sum of new client assets , additional fundings from existing clients ( including dividend reinvestment ) , withdrawals of assets from , and termination of , client accounts and distributions to investors representing return of capital and return on investments to investors . market appreciation or depreciation includes current income earned on , and changes in the fair value of , securities held in client accounts . foreign exchange translation reflects the impact of translating non-us dollar denominated aum into us dollars for reporting purposes . the company also earns revenue by lending securities on behalf of clients , primarily to highly rated banks and broker-dealers . the securities loaned are secured by collateral in the form of cash or securities , with minimum collateral generally ranging from approximately 102 % to 112 % of the value of the loaned securities . generally , the revenue earned is shared between the company and the funds or accounts managed by the company from which the securities are borrowed . investment advisory agreements for certain separate accounts and investment funds provide for performance fees based upon relative and or absolute investment performance , in addition to base fees based on aum . investment advisory performance fees generally are earned after a given period of time and when investment performance exceeds a contractual threshold . as such , the timing of recognition of performance fees may increase the volatility of the company 's revenue and earnings . the magnitude of performance fees can fluctuate quarterly due to the timing of carried interest recognition on alternative products ; however , the third and fourth quarters have a greater number of nonalternative products with performance measurement periods that end on either september 30 or december 31. the company offers investment management technology systems , risk management services , wealth management and digital distribution tools , all on a fee basis . clients include banks , insurance companies , official institutions , pension funds , asset managers , retail distributors and other investors . fees earned for technology services are primarily recorded as services are performed over time and are generally determined using the value of positions on the aladdin platform , or on a fixed-rate basis . revenue derived from the sale of software licenses is recognized upon the granting of access rights . the company earns distribution and service fees for distributing investment products and providing support services to investments portfolios . the fees are based on aum and are recognized when the amount of fees is known . the company advises global financial institutions , regulators , and government entities across a range of risk , regulatory , capital markets and strategic services . fees earned for advisory services , which are included in advisory and other revenue , are determined using fixed-rate fees and are recognized over time as the related services are completed . the company earns fees for transition management services primarily comprised of commissions recognized in connection with buying and selling securities on behalf of its customers . commissions related to transition management services , which are included in advisory and other revenue , are recorded on a trade-date basis as transactions occur . the company also earns revenue related to certain minority investments accounted for as equity method investments . operating expense reflects employee compensation and benefits , distribution and servicing costs , direct fund expense , general and administration expense and amortization of finite-lived intangible assets . employee compensation and benefits expense includes salaries , commissions , temporary help , deferred and incentive compensation , employer payroll taxes , severance and related benefit costs . distribution and servicing costs , which are primarily aum driven , include payments to third parties , primarily associated with distribution and servicing of client investments in certain company products . direct fund expense primarily consists of third-party nonadvisory expenses incurred by the company related to certain funds for the use of index trademarks , reference data for indices , custodial services , fund administration , fund accounting , transfer agent services , shareholder reporting services , legal expense , and audit and tax services as well as other fund-related expenses directly attributable to the nonadvisory operations of the fund . these expenses may vary over time with fluctuations in aum , number of shareholder accounts , or other attributes directly related to volume of business . general and administration expense includes marketing and promotional , occupancy and office-related costs , portfolio services ( including clearing expense related to transition management services ) , technology , professional services , communications , contingent consideration fair value adjustments , product launch costs , the impact of foreign currency remeasurement , and other general and administration expense . foreign currency remeasurement losses were $ 6 million and $ 31 million for 2020 and 2019 , respectively . approximately 75 % of the company 's revenue is generated in us dollars . the company 's revenue and expense generated in foreign currencies ( primarily the euro and british pound ) are impacted by foreign exchange rates . any effect of foreign exchange rate change on revenue is partially offset by a change in expense driven by the company 's considerable non-dollar expense base related to its operations outside the united states . nonoperating income ( expense ) includes the

