we believe that these adjustments , and the non-gaap measures derived from them , provide information to better analyze our operations between periods , and over time . investors should consider these non-gaap measures in addition to , and not as a substitute for , financial measures prepared in accordance with gaap . 23 a reconciliation of the non-gaap measures to the most comparable gaap measures is included below : replace_table_token_6_th revenue we generate revenue primarily from management fees and performance fees , which we collectively refer to as our advisory fees , by managing assets on behalf of institutional accounts and for retail clients , which are generally open-end mutual funds catering primarily to retail investors . our advisory fee income is recognized over the period in which investment management services are provided . following the preferred method identified in the revenue recognition topic of the financial accounting standards board accounting standards codification ( “ fasb asc ” ) , income from performance fees is recorded at the conclusion of the contractual performance period , when all contingencies are resolved . our advisory fees are primarily driven by the level of our aum . our aum increases or decreases with the net inflows or outflows of funds into our various investment strategies and with the investment performance thereof . in order to increase our aum and expand our business , we must develop and market investment strategies that suit the investment needs of our target clients , and provide attractive returns over the long-term . the value and composition of our aum , and our ability to continue to attract clients , will depend on a variety of factors including , among other things : our ability to educate our target clients about our classic value investment strategies and provide them with exceptional client service ; the relative investment performance of our investment strategies , as compared to competing products and market indices ; competitive conditions in the investment management and broader financial services sectors ; general economic conditions ; investor sentiment and confidence ; and our decision to close strategies when we deem it to be in the best interests of our clients . for our institutional accounts , we are paid fees according to a schedule , which varies by investment strategy . the substantial majority of these accounts pay us management fees pursuant to a schedule in which the rate we earn on the aum declines as the amount of aum increases . pursuant to our sub-investment advisory agreements with our retail clients and advisory agreements with pzena-branded funds , we are generally paid a management fee according to a schedule in which the rate we earn on the aum declines as the 24 amount of aum increases . certain of these funds pay us fixed-rate management fees . due to the substantially larger account size of certain of these accounts , the average advisory fees we earn on them , as a percentage of aum , are lower than the advisory fees we earn on our institutional accounts . certain of our clients pay us fees according to the performance of their accounts relative to certain agreed-upon benchmarks , which results in a lower base fee , but allows us to earn higher fees if the relevant investment strategy outperforms the agreed-upon benchmark . the majority of advisory fees we earn on institutional accounts is based on the value of our aum at a specific date on a quarterly basis , either in arrears or advance . advisory fees on certain of our institutional accounts , and with respect to all of our retail accounts , are calculated based on the average of the monthly or daily market value . advisory fees are also generally adjusted for any cash flows into or out of a portfolio , where the cash flow represents greater than 10 % of the value of the portfolio . while a specific group of accounts may use the same fee rate , the method used to calculate the fee according to the fee rate schedule may differ as described above . our advisory fees may fluctuate based on a number of factors , including the following : changes in aum due to appreciation or depreciation of our investment portfolios , and the levels of the contribution and withdrawal of assets by new and existing clients ; distribution of aum among our investment strategies , which have differing fee schedules ; distribution of aum between institutional accounts and retail accounts , for which we generally earn lower overall advisory fees ; and the level of our performance with respect to accounts on which we are paid performance fees . expenses our expenses consist primarily of compensation and benefits expense , as well as general and administrative expense . our largest expense is compensation and benefits , which includes the salaries , bonuses , equity-based compensation , and related benefits and payroll costs attributable to our employee members and employees . compensation and benefits packages are benchmarked against relevant industry and geographic peer groups in order to attract and retain qualified personnel . general and administrative expense includes lease expenses , professional and outside services fees , depreciation , costs associated with operating and maintaining our research , trading and portfolio accounting systems , and other expenses . our occupancy-related costs and professional services expenses , in particular , generally increase or decrease in relative proportion to the overall size and scale of our business operations . we incur additional expenses associated with being a public company for , among other things , director and officer insurance , director fees , sec reporting and compliance ( including sarbanes-oxley and dodd-frank compliance ) , professional fees , transfer agent fees , and other similar expenses . story_separator_special_tag in addition , an increase in average aum and in revenues typically results in higher operating income and net income , while a decrease in average aum and in revenues typically results in lower operating income , net income , and operating margins . we would expect pressure on our operating income , net income and operating margins in the future if average aum and revenues were to decline . revenues our revenue from advisory fees earned on our institutional accounts and our retail accounts for the three years ended december 31 , 2014 is described below : replace_table_token_11_th year ended december 31 , 2014 versus december 31 , 2013 our total revenue increased $ 16.7 million , or 17.5 % , to $ 112.5 million for the year ended december 31 , 2014 from $ 95.8 million for the year ended december 31 , 2013 . this change was driven primarily by an increase in average assets . for the years ended december 31 , 2014 and 2013 , average assets were $ 26.2 billion and $ 21.0 billion , respectively . this increase in average assets was driven by net inflows and market appreciation during 2014. our weighted average fee rates were 0.430 % and 0.456 % for the years ended december 31 , 2014 and 2013 , respectively . this decrease was primarily due to a shift in mix towards our expanded products and larger relationships as well as a shift in mix between our institutional and retail strategies , which generally carry lower fees . for the year ended december 31 , 2014 , average assets in our institutional and retail strategies were 56.9 % and 43.1 % , respectively , of total average aum . for the year 30 ended december 31 , 2013 , average assets in our institutional and retail strategies were 62.4 % and 37.6 % . average assets in institutional accounts increased $ 1.8 billion , or 13.7 % , to $ 14.9 billion for the year ended december 31 , 2014 , from $ 13.1 billion for the year ended december 31 , 2013 , and had weighted average fees of 0.555 % and 0.580 % for the years ended december 31 , 2014 and 2013 , respectively . weighted-average fee rates decreased primarily due to a a higher mix of assets in our expanded products and larger relationships , which generally carry lower fee rates , as well as a decrease in institutional performance fees recognized during 2014 . average assets in retail accounts increased $ 3.4 billion , or 43.0 % , to $ 11.3 billion for the year ended december 31 , 2014 , from $ 7.9 billion for the year ended december 31 , 2013 , and had weighted average fees of 0.264 % and 0.252 % for the years ended december 31 , 2014 and 2013 , respectively . the increase in weighted average fees in retail accounts was due primarily to an increase in retail performance fees recognized during 2014 as well as the addition of assets in strategies which generally carry higher fee rates . year ended december 31 , 2013 versus december 31 , 2012 our total revenue increased $ 19.5 million , or 25.5 % , to $ 95.8 million for the year ended december 31 , 2013 , from $ 76.3 million for the year ended december 31 , 2012 . this change was driven primarily by a $ 3.6 million increase in performance fees recognized , as well as an increase in average assets . for the years ended december 31 , 2013 and 2012 , average assets were $ 21.0 billion and $ 14.9 billion , respectively . the increase in average assets was driven by market appreciation and net inflows during 2013. our weighted average fee rates were 0.456 % and 0.512 % for the years ended december 31 , 2013 and 2012 , respectively . this decrease was primarily due to a shift in mix towards our expanded products and larger relationships as well as a shift in mix between our institutional and retail strategies , which generally carry lower fees , partially offset by the increase in performance fees recognized in 2013 as noted above . this shift in mix reflects the full year impact of retail inflows associated with our assignment to manage 28 % of the vanguard windsor fund as of the beginning of august 2012 as well as net inflows in our retail accounts during 2013. for the year ended december 31 , 2013 , average assets in our institutional and retail strategies were 62.4 % and 37.6 % , respectively , of total average aum . for the year ended december 31 , 2012 , average assets in our institutional and retail strategies were 75.8 % and 24.2 % . average assets in institutional accounts increased $ 1.8 billion , or 15.9 % , to $ 13.1 billion for the year ended december 31 , 2013 , from $ 11.3 billion for the year ended december 31 , 2012 , and had weighted average fees of 0.580 % and 0.574 % for the years ended december 31 , 2013 and 2012 , respectively . weighted-average fee rates increased primarily due to the increase in performance fees recognized during 2013 , partially offset by a higher mix of assets in our expanded products and larger relationships , which generally carry lower fee rates . average assets in retail accounts increased $ 4.3 billion , or 119 % , to $ 7.9 billion for the year ended december 31 , 2013 , from $ 3.6 billion for the year ended december 31 , 2012 , and had weighted average fees of 0.252 % and 0.316 % for the years ended december 31 , 2013 and 2012 , respectively . the decrease in weighted average fees in retail accounts was due primarily to the full year impact of the vanguard assignment . expenses our

cash flows year ended december 31 , 2014 versus december 31 , 2013 cash and cash equivalents increased $ 5.2 million to $ 39.1 million in 2014 compared to $ 33.9 million in 2013 . net cash provided by operating activities increased $ 10.9 million in 2014 to $ 55.4 million from $ 44.5 million in 2013 . the increase was primarily due to an increase in net income partially offset by changes in operating assets and liabilities and working capital . net cash used in investing activities was $ 2.6 million in 2014 compared to $ 1.8 million used in 2013 . the $ 0.8 million increase was primarily attributable to a $ 1.9 million increase in purchases of property and equipment related to our new corporate headquarters and a $ 1.0 million net increase in purchases in investments associated primarily with the incubation of new products during 2014 . net cash used in financing activities increased $ 6.2 million in 2014 to $ 47.8 million from $ 41.5 million in 2013 . this increase is primarily due to an $ 11.6 million increase in distributions to non-controlling interests . the increase in these distributions primarily reflects increased tax allocations associated with increased taxable income in 2014 and dividend distributions to members of our operating company . net cash used in financing activities in 2014 also reflects a $ 1.5 million increase in cash dividends paid during 2014. these increases were partially offset by a $ 4.8 million increase in contributions from non-controlling interests primarily reflecting contributions into our consolidated subsidiaries and a $ 1.8 million decrease in the repurchase and retirement of class a common stock , class b units , and class b unit options during 2014 . year ended december 31 , 2013 versus december 31 , 2012 cash and cash equivalents increased $ 1.3 million to $ 33.9 million in 2013 compared to $ 32.6 million in 2012 . net cash provided by operating activities increased $ 12.5 million in 2013 to $ 44.5 million from $ 32.0 million in 2012 .


 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 flows year ended december 31 , 2014 versus december 31 , 2013 cash and cash equivalents increased $ 5.2 million to $ 39.1 million in 2014 compared to $ 33.9 million in 2013 . net cash provided by operating activities increased $ 10.9 million in 2014 to $ 55.4 million from $ 44.5 million in 2013 . the increase was primarily due to an increase in net income partially offset by changes in operating assets and liabilities and working capital . net cash used in investing activities was $ 2.6 million in 2014 compared to $ 1.8 million used in 2013 . the $ 0.8 million increase was primarily attributable to a $ 1.9 million increase in purchases of property and equipment related to our new corporate headquarters and a $ 1.0 million net increase in purchases in investments associated primarily with the incubation of new products during 2014 . net cash used in financing activities increased $ 6.2 million in 2014 to $ 47.8 million from $ 41.5 million in 2013 . this increase is primarily due to an $ 11.6 million increase in distributions to non-controlling interests . the increase in these distributions primarily reflects increased tax allocations associated with increased taxable income in 2014 and dividend distributions to members of our operating company . net cash used in financing activities in 2014 also reflects a $ 1.5 million increase in cash dividends paid during 2014. these increases were partially offset by a $ 4.8 million increase in contributions from non-controlling interests primarily reflecting contributions into our consolidated subsidiaries and a $ 1.8 million decrease in the repurchase and retirement of class a common stock , class b units , and class b unit options during 2014 . year ended december 31 , 2013 versus december 31 , 2012 cash and cash equivalents increased $ 1.3 million to $ 33.9 million in 2013 compared to $ 32.6 million in 2012 . net cash provided by operating activities increased $ 12.5 million in 2013 to $ 44.5 million from $ 32.0 million in 2012 .
```    
 Suspicious Activity Report : we believe that these adjustments , and the non-gaap measures derived from them , provide information to better analyze our operations between periods , and over time . investors should consider these non-gaap measures in addition to , and not as a substitute for , financial measures prepared in accordance with gaap . 23 a reconciliation of the non-gaap measures to the most comparable gaap measures is included below : replace_table_token_6_th revenue we generate revenue primarily from management fees and performance fees , which we collectively refer to as our advisory fees , by managing assets on behalf of institutional accounts and for retail clients , which are generally open-end mutual funds catering primarily to retail investors . our advisory fee income is recognized over the period in which investment management services are provided . following the preferred method identified in the revenue recognition topic of the financial accounting standards board accounting standards codification ( “ fasb asc ” ) , income from performance fees is recorded at the conclusion of the contractual performance period , when all contingencies are resolved . our advisory fees are primarily driven by the level of our aum . our aum increases or decreases with the net inflows or outflows of funds into our various investment strategies and with the investment performance thereof . in order to increase our aum and expand our business , we must develop and market investment strategies that suit the investment needs of our target clients , and provide attractive returns over the long-term . the value and composition of our aum , and our ability to continue to attract clients , will depend on a variety of factors including , among other things : our ability to educate our target clients about our classic value investment strategies and provide them with exceptional client service ; the relative investment performance of our investment strategies , as compared to competing products and market indices ; competitive conditions in the investment management and broader financial services sectors ; general economic conditions ; investor sentiment and confidence ; and our decision to close strategies when we deem it to be in the best interests of our clients . for our institutional accounts , we are paid fees according to a schedule , which varies by investment strategy . the substantial majority of these accounts pay us management fees pursuant to a schedule in which the rate we earn on the aum declines as the amount of aum increases . pursuant to our sub-investment advisory agreements with our retail clients and advisory agreements with pzena-branded funds , we are generally paid a management fee according to a schedule in which the rate we earn on the aum declines as the 24 amount of aum increases . certain of these funds pay us fixed-rate management fees . due to the substantially larger account size of certain of these accounts , the average advisory fees we earn on them , as a percentage of aum , are lower than the advisory fees we earn on our institutional accounts . certain of our clients pay us fees according to the performance of their accounts relative to certain agreed-upon benchmarks , which results in a lower base fee , but allows us to earn higher fees if the relevant investment strategy outperforms the agreed-upon benchmark . the majority of advisory fees we earn on institutional accounts is based on the value of our aum at a specific date on a quarterly basis , either in arrears or advance . advisory fees on certain of our institutional accounts , and with respect to all of our retail accounts , are calculated based on the average of the monthly or daily market value . advisory fees are also generally adjusted for any cash flows into or out of a portfolio , where the cash flow represents greater than 10 % of the value of the portfolio . while a specific group of accounts may use the same fee rate , the method used to calculate the fee according to the fee rate schedule may differ as described above . our advisory fees may fluctuate based on a number of factors , including the following : changes in aum due to appreciation or depreciation of our investment portfolios , and the levels of the contribution and withdrawal of assets by new and existing clients ; distribution of aum among our investment strategies , which have differing fee schedules ; distribution of aum between institutional accounts and retail accounts , for which we generally earn lower overall advisory fees ; and the level of our performance with respect to accounts on which we are paid performance fees . expenses our expenses consist primarily of compensation and benefits expense , as well as general and administrative expense . our largest expense is compensation and benefits , which includes the salaries , bonuses , equity-based compensation , and related benefits and payroll costs attributable to our employee members and employees . compensation and benefits packages are benchmarked against relevant industry and geographic peer groups in order to attract and retain qualified personnel . general and administrative expense includes lease expenses , professional and outside services fees , depreciation , costs associated with operating and maintaining our research , trading and portfolio accounting systems , and other expenses . our occupancy-related costs and professional services expenses , in particular , generally increase or decrease in relative proportion to the overall size and scale of our business operations . we incur additional expenses associated with being a public company for , among other things , director and officer insurance , director fees , sec reporting and compliance ( including sarbanes-oxley and dodd-frank compliance ) , professional fees , transfer agent fees , and other similar expenses . story_separator_special_tag in addition , an increase in average aum and in revenues typically results in higher operating income and net income , while a decrease in average aum and in revenues typically results in lower operating income , net income , and operating margins . we would expect pressure on our operating income , net income and operating margins in the future if average aum and revenues were to decline . revenues our revenue from advisory fees earned on our institutional accounts and our retail accounts for the three years ended december 31 , 2014 is described below : replace_table_token_11_th year ended december 31 , 2014 versus december 31 , 2013 our total revenue increased $ 16.7 million , or 17.5 % , to $ 112.5 million for the year ended december 31 , 2014 from $ 95.8 million for the year ended december 31 , 2013 . this change was driven primarily by an increase in average assets . for the years ended december 31 , 2014 and 2013 , average assets were $ 26.2 billion and $ 21.0 billion , respectively . this increase in average assets was driven by net inflows and market appreciation during 2014. our weighted average fee rates were 0.430 % and 0.456 % for the years ended december 31 , 2014 and 2013 , respectively . this decrease was primarily due to a shift in mix towards our expanded products and larger relationships as well as a shift in mix between our institutional and retail strategies , which generally carry lower fees . for the year ended december 31 , 2014 , average assets in our institutional and retail strategies were 56.9 % and 43.1 % , respectively , of total average aum . for the year 30 ended december 31 , 2013 , average assets in our institutional and retail strategies were 62.4 % and 37.6 % . average assets in institutional accounts increased $ 1.8 billion , or 13.7 % , to $ 14.9 billion for the year ended december 31 , 2014 , from $ 13.1 billion for the year ended december 31 , 2013 , and had weighted average fees of 0.555 % and 0.580 % for the years ended december 31 , 2014 and 2013 , respectively . weighted-average fee rates decreased primarily due to a a higher mix of assets in our expanded products and larger relationships , which generally carry lower fee rates , as well as a decrease in institutional performance fees recognized during 2014 . average assets in retail accounts increased $ 3.4 billion , or 43.0 % , to $ 11.3 billion for the year ended december 31 , 2014 , from $ 7.9 billion for the year ended december 31 , 2013 , and had weighted average fees of 0.264 % and 0.252 % for the years ended december 31 , 2014 and 2013 , respectively . the increase in weighted average fees in retail accounts was due primarily to an increase in retail performance fees recognized during 2014 as well as the addition of assets in strategies which generally carry higher fee rates . year ended december 31 , 2013 versus december 31 , 2012 our total revenue increased $ 19.5 million , or 25.5 % , to $ 95.8 million for the year ended december 31 , 2013 , from $ 76.3 million for the year ended december 31 , 2012 . this change was driven primarily by a $ 3.6 million increase in performance fees recognized , as well as an increase in average assets . for the years ended december 31 , 2013 and 2012 , average assets were $ 21.0 billion and $ 14.9 billion , respectively . the increase in average assets was driven by market appreciation and net inflows during 2013. our weighted average fee rates were 0.456 % and 0.512 % for the years ended december 31 , 2013 and 2012 , respectively . this decrease was primarily due to a shift in mix towards our expanded products and larger relationships as well as a shift in mix between our institutional and retail strategies , which generally carry lower fees , partially offset by the increase in performance fees recognized in 2013 as noted above . this shift in mix reflects the full year impact of retail inflows associated with our assignment to manage 28 % of the vanguard windsor fund as of the beginning of august 2012 as well as net inflows in our retail accounts during 2013. for the year ended december 31 , 2013 , average assets in our institutional and retail strategies were 62.4 % and 37.6 % , respectively , of total average aum . for the year ended december 31 , 2012 , average assets in our institutional and retail strategies were 75.8 % and 24.2 % . average assets in institutional accounts increased $ 1.8 billion , or 15.9 % , to $ 13.1 billion for the year ended december 31 , 2013 , from $ 11.3 billion for the year ended december 31 , 2012 , and had weighted average fees of 0.580 % and 0.574 % for the years ended december 31 , 2013 and 2012 , respectively . weighted-average fee rates increased primarily due to the increase in performance fees recognized during 2013 , partially offset by a higher mix of assets in our expanded products and larger relationships , which generally carry lower fee rates . average assets in retail accounts increased $ 4.3 billion , or 119 % , to $ 7.9 billion for the year ended december 31 , 2013 , from $ 3.6 billion for the year ended december 31 , 2012 , and had weighted average fees of 0.252 % and 0.316 % for the years ended december 31 , 2013 and 2012 , respectively . the decrease in weighted average fees in retail accounts was due primarily to the full year impact of the vanguard assignment . expenses our

