the following table presents our key aggregate operating performance measures : replace_table_token_3_th assets under management and , therefore average assets under management , include the assets under management of our consolidated and equity method affiliates , and as of october 1 , 2019 , exclude the assets under management of certain affiliates in which we are repositioning our interests and that are not significant to our results of operations . assets under management is presented on a current basis without regard to the timing of the inclusion of an affiliate 's financial results in our operating performance measures and consolidated financial statements . average assets under management reflects the timing of the inclusion of an affiliate 's financial results in our operating performance measures and consolidated financial statements . 19 average assets under management for mutual funds and similar retail investment products represents an average of the daily net assets under management , while for institutional and high net worth clients , average assets under management represents an average of the assets at the beginning or end of each month during the applicable period . aggregate fees consists of the total asset and performance based fees earned by all of our consolidated and equity method affiliates , and includes the aggregate fees of certain affiliates in which we are repositioning our interests and that are not significant to our aggregate fees or our results of operations . for certain of our affiliates accounted for under the equity method , we report aggregate fees and the affiliate 's financial results in our consolidated financial statements one quarter in arrears . aggregate fees is provided in addition to , but not as a substitute for , consolidated revenue or other gaap performance measures . assets under management through our affiliates , we provide a comprehensive and diverse range of active , return-oriented strategies designed to assist institutional , retail and high net worth clients worldwide in achieving their investment objectives . we continue to see demand for active , return-oriented strategies , particularly in illiquid alternative and multi-asset and fixed income strategies , reflecting continued investor demand for returns that are less correlated to traditional equity markets , while we are experiencing outflows in global equities and in quantitative strategies across liquid alternatives . in addition , investor demand for passively-managed products , including exchange traded funds has continued , and we have experienced outflows in certain equity strategies , consistent with this industry-wide trend . we believe the best-performing active equity managers ( whether global- , regional- , or country-specific ) will continue to have significant opportunities to grow as a result of net client cash inflows . we believe we are well-positioned to benefit from these trends . the following charts present information regarding the composition of our assets under management by active , return-oriented strategy as of december 31 , 2018 and 2019 : assets under management by strategy ( 1 ) alternatives include illiquid alternative strategies , which accounted for 12 % and 13 % of our assets under management as of december 31 , 2018 and 2019 , respectively . ( 2 ) global equities include emerging markets strategies , which accounted for 8 % and 9 % of our assets under management as of december 31 , 2018 and 2019 , respectively . 20 the following table presents changes in our assets under management by active , return-oriented strategy : replace_table_token_4_th ( 1 ) foreign exchange reflects the impact of translating into u.s. dollars the assets under management of our affiliates whose functional currency is not the u.s. dollar . ( 2 ) strategic repositioning includes assets under management attributable to affiliates that are not significant to our results of operations , or those in which we have divested of our interest . ( 3 ) other includes assets under management attributable to product transitions and reclassifications . the following charts present information regarding the composition of our assets under management by client type as of december 31 , 2018 and 2019 : assets under management by client type 21 the following table presents changes in our assets under management by client type : replace_table_token_5_th ( 1 ) foreign exchange reflects the impact of translating into u.s. dollars the assets under management of our affiliates whose functional currency is not the u.s. dollar . ( 2 ) strategic repositioning includes assets under management attributable to affiliates that are not significant to our results of operations , or those in which we have divested of our interest . ( 3 ) other includes assets under management attributable to product transitions and reclassifications . aggregate fees aggregate fees consists of asset and performance based fees . asset based fees include advisory and other fees earned by our affiliates for services provided to their clients and are typically determined as a percentage of the value of a client 's assets under management . performance based fees are based on investment performance , typically on an absolute basis or relative to a benchmark , and are recognized when they are earned ( i.e . , when they become billable to customers and are not subject to claw-back ) . performance based fees are generally billed less frequently than asset based fees , and although performance based fees inherently depend on investment performance and will vary from period to period , we anticipate performance based fees will be a recurring component of our aggregate fees . aggregate fees is generally determined by the level of our average assets under management , the composition of these assets across our active , return-oriented strategies that realize different asset based fee ratios , and performance based fees . our asset based fee ratio is calculated as asset based fees divided by average assets under management . aggregate fees was $ 4,962.7 million in 2019 , a decrease of $ 479.7 million or 9 % as compared to 2018 . story_separator_special_tag we also add back the deferred taxes attributable to intangible assets because we believe it is unlikely these accruals will be used to settle material tax obligations . further , we add back other economic items to improve comparability of performance between periods . 27 economic earnings per share represents economic net income ( controlling interest ) divided by the average shares outstanding ( adjusted diluted ) . in this calculation , the potential share issuance in connection with our junior convertible securities is measured using a “ treasury stock ” method . under this method , only the net number of shares of common stock equal to the value of these junior convertible securities in excess of par , if any , is deemed to be outstanding . we believe the inclusion of net shares under a treasury stock method best reflects the benefit of the increase in available capital resources ( which could be used to repurchase shares of common stock ) that occurs when these securities are converted and we are relieved of our debt obligation . this method does not take into account any increase or decrease in our cost of capital in an assumed conversion . the following table presents a reconciliation of net income ( controlling interest ) to economic net income ( controlling interest ) and economic earnings per share : replace_table_token_15_th ( 1 ) see note ( 2 ) to the table in “ adjusted ebitda ( controlling interest ) . ” ( 2 ) for the years ended december 31 , 2017 and 2019 , intangible-related deferred taxes decreased $ 35.7 million and $ 76.6 million , respectively , as a result of expenses to reduce the carrying value to fair value as described in note ( 2 ) to the table in “ adjusted ebitda ( controlling interest ) . ” for the year ended december 31 , 2018 , intangible-related deferred taxes increased $ 19.9 million due to affiliate divestments . ( 3 ) for the years ended december 31 , 2017 , 2018 and 2019 , other economic items were net of income tax expense of $ 5.8 million , $ 0.8 million and $ 0.7 million , respectively . beginning january 1 , 2019 , other economic items include tax windfalls and shortfalls from share-based compensation . prior periods have not been revised as the amounts were not significant . liquidity and capital resources we generate long-term value by investing in new affiliates , investing in existing affiliates , and investing in centralized capabilities through which we can leverage our scale and resources to benefit our affiliates and enhance their long-term growth prospects . we then return capital to shareholders through share repurchases and the payment of cash dividends on our common stock while maintaining a conservative capital structure consistent with an investment grade rating . story_separator_special_tag style= `` font-family : inherit ; font-size:10pt ; `` > our board of directors authorized share repurchase programs in october 2019 , january 2019 and january 2018 , authorizing us to repurchase up to 6.0 million , 3.3 million and 3.4 million shares of our common stock , respectively , and these authorizations have no expiry . purchases may be made from time to time , at management 's discretion , in the open market or in privately negotiated transactions , including through the use of derivative financial instruments and accelerated share repurchase programs . for the year ended december 31 , 2019 , we repurchased 4.1 million shares of our common stock , at an average price 29 per share of $ 88.73 . as of december 31 , 2019 , there were a total of 6.9 million shares available for repurchase under our october 2019 and january 2019 share repurchase programs and no shares remained under the january 2018 program . debt the following table presents the carrying value of our outstanding indebtedness . see note 5 of our consolidated financial statements . replace_table_token_17_th the carrying value of long-term debt differs from the amount reported in the notes to our consolidated financial statements , as the carrying value of the long-term debt in the table above is not reduced for debt issuance costs . senior bank debt we have a $ 1.25 billion revolver and a $ 450.0 million senior unsecured term loan facility ( the “ term loan ” and , together with the revolver , the “ credit facilities ” ) . the revolver matures on january 18 , 2024 , and the term loan matures on january 18 , 2023. subject to certain conditions , we may increase the commitments under the revolver by up to an additional $ 500.0 million and may borrow up to an additional $ 75.0 million under the term loan . under the terms of the credit facilities we are required to meet two financial ratio covenants . the first of these covenants is a maximum ratio of debt to ebitda ( the “ bank leverage ratio ” ) of 3.25x . the second covenant is a minimum ebitda to cash interest expense ratio of 3.00x ( the “ bank interest coverage ratio ” ) . for purposes of calculating these ratios , share-based compensation and affiliate equity expense are added back to ebitda . as of december 31 , 2019 , our bank leverage and bank interest coverage ratios were 1.3 x and 10.8 x , respectively , and we were in compliance with all of the terms of our credit facilities . as of december 31 , 2019 , we had no borrowings outstanding under our revolver , and could borrow all capacity and remain in compliance with our credit facilities . senior notes and junior subordinated notes as of december 31 , 2019 , we had the following senior notes and junior subordinated notes outstanding , the respective principal terms of which are presented below . replace_table_token_18_th we used a majority of the net proceeds from the

cash and cash equivalents were $ 539.6 million as of december 31 , 2019 and were primarily attributable to the non-controlling interest . in 2019 , we met our cash requirements primarily through cash generated by operating activities . our principal uses of cash during the year were for investments in new affiliates , investments in existing affiliates primarily through repurchases of affiliate equity interests , repayment of debt and the return of capital through share repurchases and the payment of cash dividends on our common stock . we expect these will be the primary uses of capital for the foreseeable future . we anticipate that cash flows from operations , together with borrowings under our revolver , will be sufficient to support our cash flow needs . in addition , we may draw funding from the debt and equity capital markets , and our credit ratings , among other factors , allow us to access these sources of funding on favorable terms . we are currently rated a3 by moody 's investors service and bbb+ by s & p global ratings . 28 the following table presents operating , investing and financing cash flow activities : replace_table_token_16_th operating cash flow operating cash flows are calculated by adjusting net income for other significant sources and uses of cash , significant non-cash items and timing differences in the cash settlement of assets and liabilities .


 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.
     ```cash and cash equivalents were $ 539.6 million as of december 31 , 2019 and were primarily attributable to the non-controlling interest . in 2019 , we met our cash requirements primarily through cash generated by operating activities . our principal uses of cash during the year were for investments in new affiliates , investments in existing affiliates primarily through repurchases of affiliate equity interests , repayment of debt and the return of capital through share repurchases and the payment of cash dividends on our common stock . we expect these will be the primary uses of capital for the foreseeable future . we anticipate that cash flows from operations , together with borrowings under our revolver , will be sufficient to support our cash flow needs . in addition , we may draw funding from the debt and equity capital markets , and our credit ratings , among other factors , allow us to access these sources of funding on favorable terms . we are currently rated a3 by moody 's investors service and bbb+ by s & p global ratings . 28 the following table presents operating , investing and financing cash flow activities : replace_table_token_16_th operating cash flow operating cash flows are calculated by adjusting net income for other significant sources and uses of cash , significant non-cash items and timing differences in the cash settlement of assets and liabilities .
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 Suspicious Activity Report : the following table presents our key aggregate operating performance measures : replace_table_token_3_th assets under management and , therefore average assets under management , include the assets under management of our consolidated and equity method affiliates , and as of october 1 , 2019 , exclude the assets under management of certain affiliates in which we are repositioning our interests and that are not significant to our results of operations . assets under management is presented on a current basis without regard to the timing of the inclusion of an affiliate 's financial results in our operating performance measures and consolidated financial statements . average assets under management reflects the timing of the inclusion of an affiliate 's financial results in our operating performance measures and consolidated financial statements . 19 average assets under management for mutual funds and similar retail investment products represents an average of the daily net assets under management , while for institutional and high net worth clients , average assets under management represents an average of the assets at the beginning or end of each month during the applicable period . aggregate fees consists of the total asset and performance based fees earned by all of our consolidated and equity method affiliates , and includes the aggregate fees of certain affiliates in which we are repositioning our interests and that are not significant to our aggregate fees or our results of operations . for certain of our affiliates accounted for under the equity method , we report aggregate fees and the affiliate 's financial results in our consolidated financial statements one quarter in arrears . aggregate fees is provided in addition to , but not as a substitute for , consolidated revenue or other gaap performance measures . assets under management through our affiliates , we provide a comprehensive and diverse range of active , return-oriented strategies designed to assist institutional , retail and high net worth clients worldwide in achieving their investment objectives . we continue to see demand for active , return-oriented strategies , particularly in illiquid alternative and multi-asset and fixed income strategies , reflecting continued investor demand for returns that are less correlated to traditional equity markets , while we are experiencing outflows in global equities and in quantitative strategies across liquid alternatives . in addition , investor demand for passively-managed products , including exchange traded funds has continued , and we have experienced outflows in certain equity strategies , consistent with this industry-wide trend . we believe the best-performing active equity managers ( whether global- , regional- , or country-specific ) will continue to have significant opportunities to grow as a result of net client cash inflows . we believe we are well-positioned to benefit from these trends . the following charts present information regarding the composition of our assets under management by active , return-oriented strategy as of december 31 , 2018 and 2019 : assets under management by strategy ( 1 ) alternatives include illiquid alternative strategies , which accounted for 12 % and 13 % of our assets under management as of december 31 , 2018 and 2019 , respectively . ( 2 ) global equities include emerging markets strategies , which accounted for 8 % and 9 % of our assets under management as of december 31 , 2018 and 2019 , respectively . 20 the following table presents changes in our assets under management by active , return-oriented strategy : replace_table_token_4_th ( 1 ) foreign exchange reflects the impact of translating into u.s. dollars the assets under management of our affiliates whose functional currency is not the u.s. dollar . ( 2 ) strategic repositioning includes assets under management attributable to affiliates that are not significant to our results of operations , or those in which we have divested of our interest . ( 3 ) other includes assets under management attributable to product transitions and reclassifications . the following charts present information regarding the composition of our assets under management by client type as of december 31 , 2018 and 2019 : assets under management by client type 21 the following table presents changes in our assets under management by client type : replace_table_token_5_th ( 1 ) foreign exchange reflects the impact of translating into u.s. dollars the assets under management of our affiliates whose functional currency is not the u.s. dollar . ( 2 ) strategic repositioning includes assets under management attributable to affiliates that are not significant to our results of operations , or those in which we have divested of our interest . ( 3 ) other includes assets under management attributable to product transitions and reclassifications . aggregate fees aggregate fees consists of asset and performance based fees . asset based fees include advisory and other fees earned by our affiliates for services provided to their clients and are typically determined as a percentage of the value of a client 's assets under management . performance based fees are based on investment performance , typically on an absolute basis or relative to a benchmark , and are recognized when they are earned ( i.e . , when they become billable to customers and are not subject to claw-back ) . performance based fees are generally billed less frequently than asset based fees , and although performance based fees inherently depend on investment performance and will vary from period to period , we anticipate performance based fees will be a recurring component of our aggregate fees . aggregate fees is generally determined by the level of our average assets under management , the composition of these assets across our active , return-oriented strategies that realize different asset based fee ratios , and performance based fees . our asset based fee ratio is calculated as asset based fees divided by average assets under management . aggregate fees was $ 4,962.7 million in 2019 , a decrease of $ 479.7 million or 9 % as compared to 2018 . story_separator_special_tag we also add back the deferred taxes attributable to intangible assets because we believe it is unlikely these accruals will be used to settle material tax obligations . further , we add back other economic items to improve comparability of performance between periods . 27 economic earnings per share represents economic net income ( controlling interest ) divided by the average shares outstanding ( adjusted diluted ) . in this calculation , the potential share issuance in connection with our junior convertible securities is measured using a “ treasury stock ” method . under this method , only the net number of shares of common stock equal to the value of these junior convertible securities in excess of par , if any , is deemed to be outstanding . we believe the inclusion of net shares under a treasury stock method best reflects the benefit of the increase in available capital resources ( which could be used to repurchase shares of common stock ) that occurs when these securities are converted and we are relieved of our debt obligation . this method does not take into account any increase or decrease in our cost of capital in an assumed conversion . the following table presents a reconciliation of net income ( controlling interest ) to economic net income ( controlling interest ) and economic earnings per share : replace_table_token_15_th ( 1 ) see note ( 2 ) to the table in “ adjusted ebitda ( controlling interest ) . ” ( 2 ) for the years ended december 31 , 2017 and 2019 , intangible-related deferred taxes decreased $ 35.7 million and $ 76.6 million , respectively , as a result of expenses to reduce the carrying value to fair value as described in note ( 2 ) to the table in “ adjusted ebitda ( controlling interest ) . ” for the year ended december 31 , 2018 , intangible-related deferred taxes increased $ 19.9 million due to affiliate divestments . ( 3 ) for the years ended december 31 , 2017 , 2018 and 2019 , other economic items were net of income tax expense of $ 5.8 million , $ 0.8 million and $ 0.7 million , respectively . beginning january 1 , 2019 , other economic items include tax windfalls and shortfalls from share-based compensation . prior periods have not been revised as the amounts were not significant . liquidity and capital resources we generate long-term value by investing in new affiliates , investing in existing affiliates , and investing in centralized capabilities through which we can leverage our scale and resources to benefit our affiliates and enhance their long-term growth prospects . we then return capital to shareholders through share repurchases and the payment of cash dividends on our common stock while maintaining a conservative capital structure consistent with an investment grade rating . story_separator_special_tag style= `` font-family : inherit ; font-size:10pt ; `` > our board of directors authorized share repurchase programs in october 2019 , january 2019 and january 2018 , authorizing us to repurchase up to 6.0 million , 3.3 million and 3.4 million shares of our common stock , respectively , and these authorizations have no expiry . purchases may be made from time to time , at management 's discretion , in the open market or in privately negotiated transactions , including through the use of derivative financial instruments and accelerated share repurchase programs . for the year ended december 31 , 2019 , we repurchased 4.1 million shares of our common stock , at an average price 29 per share of $ 88.73 . as of december 31 , 2019 , there were a total of 6.9 million shares available for repurchase under our october 2019 and january 2019 share repurchase programs and no shares remained under the january 2018 program . debt the following table presents the carrying value of our outstanding indebtedness . see note 5 of our consolidated financial statements . replace_table_token_17_th the carrying value of long-term debt differs from the amount reported in the notes to our consolidated financial statements , as the carrying value of the long-term debt in the table above is not reduced for debt issuance costs . senior bank debt we have a $ 1.25 billion revolver and a $ 450.0 million senior unsecured term loan facility ( the “ term loan ” and , together with the revolver , the “ credit facilities ” ) . the revolver matures on january 18 , 2024 , and the term loan matures on january 18 , 2023. subject to certain conditions , we may increase the commitments under the revolver by up to an additional $ 500.0 million and may borrow up to an additional $ 75.0 million under the term loan . under the terms of the credit facilities we are required to meet two financial ratio covenants . the first of these covenants is a maximum ratio of debt to ebitda ( the “ bank leverage ratio ” ) of 3.25x . the second covenant is a minimum ebitda to cash interest expense ratio of 3.00x ( the “ bank interest coverage ratio ” ) . for purposes of calculating these ratios , share-based compensation and affiliate equity expense are added back to ebitda . as of december 31 , 2019 , our bank leverage and bank interest coverage ratios were 1.3 x and 10.8 x , respectively , and we were in compliance with all of the terms of our credit facilities . as of december 31 , 2019 , we had no borrowings outstanding under our revolver , and could borrow all capacity and remain in compliance with our credit facilities . senior notes and junior subordinated notes as of december 31 , 2019 , we had the following senior notes and junior subordinated notes outstanding , the respective principal terms of which are presented below . replace_table_token_18_th we used a majority of the net proceeds from the

