our segments consist of : ( 1 ) investment banking and capital markets ; ( 2 ) asset management ; ( 3 ) merchant banking ; and ( 4 ) corporate . in the fourth quarter of 2018 , we changed our fiscal year end from a calendar year basis to a fiscal year ending on november 30. our 2018 fiscal year consists of the eleven month transition period beginning january 1 , 2018 through november 30 , 2018. jefferies group has a november 30 year end . prior to the fourth quarter of 2018 , because our fiscal year end was december 31 , we reflected jefferies group in our consolidated financial statements utilizing a one month lag . in connection with our change in fiscal year end to november 30 , we eliminated the one month lag utilized to reflect jefferies group results beginning with the fourth quarter of 2018. therefore , our results for the eleven months ended november 30 , 2018 , include twelve month results for jefferies group and eleven months for the remainder of our results . the following tables present a summary of our financial results . a summary of results of operations for the twelve months ended november 30 , 2020 is as follows ( in thousands ) : replace_table_token_3_th ( 1 ) includes floor brokerage and clearing fees . ( 2 ) interest expense within merchant banking of $ 31.4 million for the twelve months ended november 30 , 2020 primarily includes $ 26.7 million for foursight capital and $ 4.7 million for vitesse energy finance . 24 a summary of results of operations for the twelve months ended november 30 , 2019 is as follows ( in thousands ) : replace_table_token_4_th ( 1 ) includes floor brokerage and clearing fees . ( 2 ) interest expense within merchant banking of $ 34.1 million for the twelve months ended november 30 , 2019 primarily includes $ 29.0 million for foursight capital and $ 4.8 million for vitesse energy finance . 25 a summary of results of operations for the eleven months ended november 30 , 2018 is as follows ( in thousands ) : replace_table_token_5_th ( 1 ) includes floor brokerage and clearing fees . ( 2 ) interest expense within merchant banking of $ 26.2 million for the eleven months ended november 30 , 2018 primarily includes $ 20.6 million for foursight capital and $ 3.3 million for vitesse energy finance . the composition of our financial results has varied over time and we expect will continue to evolve . our strategy is designed to transform jefferies into a pure financial services firm and , as such , we are focused on the development of our investment banking and capital markets , and asset management segments , while we continue to realize the value of or otherwise transform our investments in merchant banking . the following factors and events should be considered in evaluating our financial results as they impact comparisons : during march 2020 , the global covid-19 pandemic and initial actions taken in response wreaked havoc on the global economy and all financial markets , and adversely affected our businesses . subsequently , with various government actions and more clarity from the u.s. federal reserve bank on future interest rate policy , the equity markets have experienced a strong rebound and a supportive trading environment for investors has emerged along with renewed activity in the equity and debt new issue capital markets . jefferies group has experienced strong market volumes and increased client activity across its capital markets business with considerably improved performance , and mergers and acquisition activity was significant in the latter part of the year . we continue to monitor the impact of the pandemic on the operations and value of our investments . our leadership is continuously monitoring circumstances around covid-19 , as well as economic and capital market conditions , and providing frequent communications to both our clients and our employees . 26 our 2020 financial results from continuing operations were impacted by : record pre-tax income of $ 1,177.5 million from jefferies group reflecting record total net revenues of $ 5,197.5 million , including : ◦ record investment banking net revenues of $ 2,398.2 million , including record advisory net revenues of $ 1,053.5 million , record equity underwriting net revenues of $ 902.0 million and debt underwriting net revenues of $ 546.0 million ; ◦ record combined capital markets net revenues of $ 2,469.7 million , including record equities net revenues of $ 1,128.9 million and record fixed income net revenues of $ 1,340.8 million ; and ◦ record asset management revenues ( before allocated net interest ) of $ 256.8 million . pre-tax loss of $ 24.6 million related to our merchant banking businesses reflecting : ◦ record performance from idaho timber and a positive contribution from vitesse energy finance ; ◦ a gain of $ 61.5 million from effective short-term hedges against mark-to-market and fair value decreases in some of our other investments within merchant banking ; ◦ a $ 44.2 million non-cash charge to write down the value of our investment in wework in the first half of 2020 ; ◦ non-cash charges of $ 73.9 million related to write-downs of real estate investments at homefed ; and ◦ non-cash charge of $ 13.2 million to write down vitesse energy finance 's oil and gas assets in the denver-julesburg basin ( `` dj basin `` ) and $ 34.6 million to write down the value of our investment in jetx energy to reflect the decline in oil prices . story_separator_special_tag in some instances , due to the timing of payments and crystallization of profits or revenue , the majority of revenue related to these relationships will be realized at their calendar year-end ( during our first fiscal quarter ) . $ 10.8 billion ( 2020 ) and $ 9.5 billion ( 2019 ) - asset management activities within jefferies finance , our 50/50 joint venture with massachusetts mutual life insurance company , which represent the aggregate par value of collateralized loan obligations managed by jefferies finance , including those consolidated by jefferies finance . because management evaluates segment performance based on the inclusion of our share of the net earnings of our jefferies finance joint venture in our investment banking and capital markets segment , those activities are excluded from our asset management segment results . $ 2.6 billion ( 2020 ) and $ 2.8 billion ( 2019 ) - net asset values of investments made by us in funds or separately managed accounts . at times , we will incubate strategies using our own capital during the institutional build-out phase before opening investments to outside capital . this net asset value includes our seed capital of $ 1.5 billion ( 2020 ) and $ 1.3 billion ( 2019 ) in addition to amounts financed of $ 1.1 billion ( 2020 ) and $ 1.5 billion ( 2019 ) , invested in funds and separately managed accounts that are managed by us and our affiliated asset managers . $ 0.8 billion ( 2020 ) and $ 1.2 billion ( 2019 ) - this includes third-party investments actively managed by wholly-owned divisions . 32 a summary of results of operations for our asset management segment is as follows ( in thousands ) : replace_table_token_10_th revenues asset management net revenues include the following : total asset management fees : management and performance fees from funds and accounts managed by us ; revenue from arrangements with strategic affiliates : revenues from affiliated asset managers in which we hold interests that entitle us to portions of their revenues and or profits , as well as earnings on our ownership interests in our affiliated asset managers ; and investment return : this includes investment income from capital invested in and managed by us and our affiliated asset managers . the key components of asset management revenues are the level of assets under management and the performance return , for the most part on an absolute basis and , in certain cases , relative to a benchmark or hurdle , of us and our affiliated asset managers . these components can be affected by financial markets , profits and losses in the applicable investment portfolios and client capital activity . further , asset management fees vary with the nature of investment management services . the terms under which clients may terminate our investment management authority , and the requisite notice period for such termination , varies depending on the nature of the investment vehicle and the liquidity of the portfolio assets . performance fees are generally recognized once a year , typically in december , when they become fixed and determinable and are not probable of being significantly reversed . as a result , the benefit of performance fees attributable to performance during the latter eleven months of each of our fiscal years is actually realized and recorded only in the first quarter of our next fiscal year . 33 the following summarizes the results of our asset management businesses revenues by asset class ( in thousands ) : replace_table_token_11_th ( 1 ) the amounts include our share of fees received by affiliated asset management companies with which we have revenue and profit share arrangements , as well as earnings on our ownership interest in affiliated asset managers . ( 2 ) net revenues attributed to the investment return in our asset management segment have been disaggregated to separately present investment return and allocated net interest ( see footnote 4 below ) . this disaggregation is intended to increase transparency and to make clearer actual investment return . we believe that aggregating investment return and allocated net interest would obscure the investment return by including an amount that is unique to our credit spreads , debt maturity profile , capital structure , liquidity risks and allocation methods . ( 3 ) includes net interest expense of $ 24.5 million , $ 8.9 million and $ 8.4 million for 2020 , 2019 and 2018 , respectively . ( 4 ) allocated net interest represents the allocation of long-term debt interest expense to our asset management reportable segment , net of interest income on cash and cash equivalents and other sources of liquidity . for discussion of sources of liquidity , refer to the `` liquidity and capital resources `` section herein . asset management net revenues for 2020 were a record $ 235.3 million , compared with $ 84.9 million for 2019 , primarily as a result of higher investment returns . since 2019 , we made capital investments in several new separately managed accounts and funds . total asset management revenues for 2020 are also reflective of a 6.2 % increase in total asset management fees and revenues , primarily attributed to higher revenues from our share of fees received by affiliated asset management companies with which we have revenue and profit share arrangements , partially offset by a decline in asset management fees . expenses the increase in expenses in 2020 as compared with 2019 primarily reflects the expansion of the asset management business , additional costs from the wind down of one of our asset management businesses and the dedication of resources previously included in corporate . 34 assets under management the tables below include only third-party assets under management by us , excluding those of our affiliated asset managers . assets under management by predominant asset class were as follows ( in millions ) : replace_table_token_12_th ( 1 ) assets under management include

liquidity and capital resources parent company liquidity our strategy focuses on strengthening and expanding our core businesses of investment banking and capital markets and asset management , while continuing to simplify our structure and return capital to our shareholders . we are simplifying our structure through a managed transformation of merchant banking , which to date has included divestitures , special distributions to shareholders of assets , as well as transfers of financial assets out of our merchant banking portfolio and into jefferies group . we anticipate additional transactions as our transformation is completed . some of these transactions have generated significant excess liquidity ; some of these transactions have also reduced the future receipt of periodic distributions from subsidiaries to the parent company . parent company liquidity , which includes cash and investments that are easily convertible into cash within a relatively short period of time total $ 1,884.7 million at november 30 , 2020 , and are primarily comprised of cash , prime and government money market funds and other publicly traded securities . these are classified in our consolidated statement of financial condition as cash and cash equivalents and financial instruments owned , at fair value . at november 30 , 2020 , $ 1,551.7 million of this amount is invested in u.s. government money funds that invest at least 99.5 % of its total assets in cash , securities issued by the u.s. government and u.s. government-sponsored entities and repurchase agreements that are fully collateralized by cash or government securities . during the twelve months ended november 30 , 2020 , our parent company received cash distributions of $ 733.5 million from our subsidiary businesses , including $ 581.7 million from jefferies group . we also received $ 303.4 million from divestitures and repayments of advances .


 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 parent company liquidity our strategy focuses on strengthening and expanding our core businesses of investment banking and capital markets and asset management , while continuing to simplify our structure and return capital to our shareholders . we are simplifying our structure through a managed transformation of merchant banking , which to date has included divestitures , special distributions to shareholders of assets , as well as transfers of financial assets out of our merchant banking portfolio and into jefferies group . we anticipate additional transactions as our transformation is completed . some of these transactions have generated significant excess liquidity ; some of these transactions have also reduced the future receipt of periodic distributions from subsidiaries to the parent company . parent company liquidity , which includes cash and investments that are easily convertible into cash within a relatively short period of time total $ 1,884.7 million at november 30 , 2020 , and are primarily comprised of cash , prime and government money market funds and other publicly traded securities . these are classified in our consolidated statement of financial condition as cash and cash equivalents and financial instruments owned , at fair value . at november 30 , 2020 , $ 1,551.7 million of this amount is invested in u.s. government money funds that invest at least 99.5 % of its total assets in cash , securities issued by the u.s. government and u.s. government-sponsored entities and repurchase agreements that are fully collateralized by cash or government securities . during the twelve months ended november 30 , 2020 , our parent company received cash distributions of $ 733.5 million from our subsidiary businesses , including $ 581.7 million from jefferies group . we also received $ 303.4 million from divestitures and repayments of advances .
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 Suspicious Activity Report : our segments consist of : ( 1 ) investment banking and capital markets ; ( 2 ) asset management ; ( 3 ) merchant banking ; and ( 4 ) corporate . in the fourth quarter of 2018 , we changed our fiscal year end from a calendar year basis to a fiscal year ending on november 30. our 2018 fiscal year consists of the eleven month transition period beginning january 1 , 2018 through november 30 , 2018. jefferies group has a november 30 year end . prior to the fourth quarter of 2018 , because our fiscal year end was december 31 , we reflected jefferies group in our consolidated financial statements utilizing a one month lag . in connection with our change in fiscal year end to november 30 , we eliminated the one month lag utilized to reflect jefferies group results beginning with the fourth quarter of 2018. therefore , our results for the eleven months ended november 30 , 2018 , include twelve month results for jefferies group and eleven months for the remainder of our results . the following tables present a summary of our financial results . a summary of results of operations for the twelve months ended november 30 , 2020 is as follows ( in thousands ) : replace_table_token_3_th ( 1 ) includes floor brokerage and clearing fees . ( 2 ) interest expense within merchant banking of $ 31.4 million for the twelve months ended november 30 , 2020 primarily includes $ 26.7 million for foursight capital and $ 4.7 million for vitesse energy finance . 24 a summary of results of operations for the twelve months ended november 30 , 2019 is as follows ( in thousands ) : replace_table_token_4_th ( 1 ) includes floor brokerage and clearing fees . ( 2 ) interest expense within merchant banking of $ 34.1 million for the twelve months ended november 30 , 2019 primarily includes $ 29.0 million for foursight capital and $ 4.8 million for vitesse energy finance . 25 a summary of results of operations for the eleven months ended november 30 , 2018 is as follows ( in thousands ) : replace_table_token_5_th ( 1 ) includes floor brokerage and clearing fees . ( 2 ) interest expense within merchant banking of $ 26.2 million for the eleven months ended november 30 , 2018 primarily includes $ 20.6 million for foursight capital and $ 3.3 million for vitesse energy finance . the composition of our financial results has varied over time and we expect will continue to evolve . our strategy is designed to transform jefferies into a pure financial services firm and , as such , we are focused on the development of our investment banking and capital markets , and asset management segments , while we continue to realize the value of or otherwise transform our investments in merchant banking . the following factors and events should be considered in evaluating our financial results as they impact comparisons : during march 2020 , the global covid-19 pandemic and initial actions taken in response wreaked havoc on the global economy and all financial markets , and adversely affected our businesses . subsequently , with various government actions and more clarity from the u.s. federal reserve bank on future interest rate policy , the equity markets have experienced a strong rebound and a supportive trading environment for investors has emerged along with renewed activity in the equity and debt new issue capital markets . jefferies group has experienced strong market volumes and increased client activity across its capital markets business with considerably improved performance , and mergers and acquisition activity was significant in the latter part of the year . we continue to monitor the impact of the pandemic on the operations and value of our investments . our leadership is continuously monitoring circumstances around covid-19 , as well as economic and capital market conditions , and providing frequent communications to both our clients and our employees . 26 our 2020 financial results from continuing operations were impacted by : record pre-tax income of $ 1,177.5 million from jefferies group reflecting record total net revenues of $ 5,197.5 million , including : ◦ record investment banking net revenues of $ 2,398.2 million , including record advisory net revenues of $ 1,053.5 million , record equity underwriting net revenues of $ 902.0 million and debt underwriting net revenues of $ 546.0 million ; ◦ record combined capital markets net revenues of $ 2,469.7 million , including record equities net revenues of $ 1,128.9 million and record fixed income net revenues of $ 1,340.8 million ; and ◦ record asset management revenues ( before allocated net interest ) of $ 256.8 million . pre-tax loss of $ 24.6 million related to our merchant banking businesses reflecting : ◦ record performance from idaho timber and a positive contribution from vitesse energy finance ; ◦ a gain of $ 61.5 million from effective short-term hedges against mark-to-market and fair value decreases in some of our other investments within merchant banking ; ◦ a $ 44.2 million non-cash charge to write down the value of our investment in wework in the first half of 2020 ; ◦ non-cash charges of $ 73.9 million related to write-downs of real estate investments at homefed ; and ◦ non-cash charge of $ 13.2 million to write down vitesse energy finance 's oil and gas assets in the denver-julesburg basin ( `` dj basin `` ) and $ 34.6 million to write down the value of our investment in jetx energy to reflect the decline in oil prices . story_separator_special_tag in some instances , due to the timing of payments and crystallization of profits or revenue , the majority of revenue related to these relationships will be realized at their calendar year-end ( during our first fiscal quarter ) . $ 10.8 billion ( 2020 ) and $ 9.5 billion ( 2019 ) - asset management activities within jefferies finance , our 50/50 joint venture with massachusetts mutual life insurance company , which represent the aggregate par value of collateralized loan obligations managed by jefferies finance , including those consolidated by jefferies finance . because management evaluates segment performance based on the inclusion of our share of the net earnings of our jefferies finance joint venture in our investment banking and capital markets segment , those activities are excluded from our asset management segment results . $ 2.6 billion ( 2020 ) and $ 2.8 billion ( 2019 ) - net asset values of investments made by us in funds or separately managed accounts . at times , we will incubate strategies using our own capital during the institutional build-out phase before opening investments to outside capital . this net asset value includes our seed capital of $ 1.5 billion ( 2020 ) and $ 1.3 billion ( 2019 ) in addition to amounts financed of $ 1.1 billion ( 2020 ) and $ 1.5 billion ( 2019 ) , invested in funds and separately managed accounts that are managed by us and our affiliated asset managers . $ 0.8 billion ( 2020 ) and $ 1.2 billion ( 2019 ) - this includes third-party investments actively managed by wholly-owned divisions . 32 a summary of results of operations for our asset management segment is as follows ( in thousands ) : replace_table_token_10_th revenues asset management net revenues include the following : total asset management fees : management and performance fees from funds and accounts managed by us ; revenue from arrangements with strategic affiliates : revenues from affiliated asset managers in which we hold interests that entitle us to portions of their revenues and or profits , as well as earnings on our ownership interests in our affiliated asset managers ; and investment return : this includes investment income from capital invested in and managed by us and our affiliated asset managers . the key components of asset management revenues are the level of assets under management and the performance return , for the most part on an absolute basis and , in certain cases , relative to a benchmark or hurdle , of us and our affiliated asset managers . these components can be affected by financial markets , profits and losses in the applicable investment portfolios and client capital activity . further , asset management fees vary with the nature of investment management services . the terms under which clients may terminate our investment management authority , and the requisite notice period for such termination , varies depending on the nature of the investment vehicle and the liquidity of the portfolio assets . performance fees are generally recognized once a year , typically in december , when they become fixed and determinable and are not probable of being significantly reversed . as a result , the benefit of performance fees attributable to performance during the latter eleven months of each of our fiscal years is actually realized and recorded only in the first quarter of our next fiscal year . 33 the following summarizes the results of our asset management businesses revenues by asset class ( in thousands ) : replace_table_token_11_th ( 1 ) the amounts include our share of fees received by affiliated asset management companies with which we have revenue and profit share arrangements , as well as earnings on our ownership interest in affiliated asset managers . ( 2 ) net revenues attributed to the investment return in our asset management segment have been disaggregated to separately present investment return and allocated net interest ( see footnote 4 below ) . this disaggregation is intended to increase transparency and to make clearer actual investment return . we believe that aggregating investment return and allocated net interest would obscure the investment return by including an amount that is unique to our credit spreads , debt maturity profile , capital structure , liquidity risks and allocation methods . ( 3 ) includes net interest expense of $ 24.5 million , $ 8.9 million and $ 8.4 million for 2020 , 2019 and 2018 , respectively . ( 4 ) allocated net interest represents the allocation of long-term debt interest expense to our asset management reportable segment , net of interest income on cash and cash equivalents and other sources of liquidity . for discussion of sources of liquidity , refer to the `` liquidity and capital resources `` section herein . asset management net revenues for 2020 were a record $ 235.3 million , compared with $ 84.9 million for 2019 , primarily as a result of higher investment returns . since 2019 , we made capital investments in several new separately managed accounts and funds . total asset management revenues for 2020 are also reflective of a 6.2 % increase in total asset management fees and revenues , primarily attributed to higher revenues from our share of fees received by affiliated asset management companies with which we have revenue and profit share arrangements , partially offset by a decline in asset management fees . expenses the increase in expenses in 2020 as compared with 2019 primarily reflects the expansion of the asset management business , additional costs from the wind down of one of our asset management businesses and the dedication of resources previously included in corporate . 34 assets under management the tables below include only third-party assets under management by us , excluding those of our affiliated asset managers . assets under management by predominant asset class were as follows ( in millions ) : replace_table_token_12_th ( 1 ) assets under management include

