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 . 23 pursuant to our sub-investment advisory agreements with our retail clients , we are generally paid a management fee according to a schedule in which the rate we earn on the aum declines as the 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 office rent and other expenses , professional and outside services fees , depreciation , and the costs associated with operating and maintaining our research , trading , and portfolio accounting systems . 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 . our expenses may fluctuate due to a number of factors , including the following : variations in the level of total compensation expense due to , among other things , bonuses , awards of equity to our employees and employee members of our operating company , changes in our employee count and mix , and competitive factors ; and general and administrative expenses , such as rent , professional service fees and data-related costs , incurred , as necessary , to run our business . other income/ ( expense ) other income/ ( expense ) is derived primarily from investment income or loss arising from our consolidated subsidiaries , income or loss generated by our investments in third-party mutual funds , and interest income generated on our cash balances . other income/ ( expense ) is also affected by changes in our estimates of the liability due to our selling and converting shareholders associated with payments owed to them under the tax receivable agreement which was executed in connection with our reorganization and initial public offering on october 30 , 2007. as discussed further below under “ tax receivable agreement , ” this liability represents 85 % of the amount of cash savings , if any , in u.s. federal , state , and local income tax that we realize as a result of the amortization of the increases in tax basis generated from our acquisitions of our operating company 's units from our selling and converting shareholders . story_separator_special_tag 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 . year ended december 31 , 2012 versus december 31 , 2011 our total revenue decreased $ 6.7 million , or 8.1 % , to $ 76.3 million for the year ended december 31 , 2012 , from $ 83.0 million for the year ended december 31 , 2011 . this change was driven primarily by a $ 3.5 million decrease in performance fees recognized , as well as a shift in the mix of average aum between our institutional and retail strategies . for the year ended december 31 , 2012 , average assets in our institutional and retail strategies were 75.8 % and 24.2 % , respectively , of total average aum . for the year ended december 31 , 2011 , average assets in our institutional and retail strategies were 81.3 % and 18.7 % , respectively of total average aum . as discussed above , due to the substantially large account size of certain of our retail accounts , these accounts generally carry lower weighted average fee rates . this shift in mix was driven by retail inflows primarily associated with our assignment to manage 28 % of the vanguard windsor fund as of the beginning of august 2012 as well as net outflows in our institutional accounts . to the extent that we experience further shifts in average aum , our revenue could be affected . our weighted average fee rates were 0.512 % and 0.553 % for the years ended december 31 , 2012 and 2011 , respectively . this decrease was primarily due to the decrease of performance fees recognized in 2012 as noted above combined with the partial period impact of a higher mix of assets in our retail large cap expanded value strategy which carries a lower fee rate . average assets in institutional accounts decreased $ 0.9 billion , or 7.4 % , to $ 11.3 billion for the year ended december 31 , 2012 , from $ 12.2 billion for the year ended december 31 , 2011 , and had weighted average fees of 0.574 % and 0.591 % for the years ended december 31 , 2012 and 2011 , respectively . weighted average fee rates decreased primarily due to the decrease in performance fees recognized during 2012 , partially offset by a higher mix of assets in our global focused value strategy , which generally carries higher fee rates . average assets in retail accounts increased $ 0.8 billion , or 28.6 % , to $ 3.6 billion for the year ended december 31 , 2012 , from $ 2.8 billion for the year ended december 31 , 2011 , and had weighted average fees of 0.316 % and 0.389 % for the years ended december 31 , 2012 and 2011 , respectively . the decrease in weighted average fees in retail accounts was due primarily to partial period impact of the vanguard assignment . 30 expenses our operating expense is driven primarily by our compensation costs . the table below describes the components of our operating expense for the years ended december 31 , 2013 , 2012 , and 2011 . replace_table_token_11_th year ended december 31 , 2013 versus december 31 , 2012 total operating expense increased by $ 5.8 million , or 14.9 % , to $ 44.9 million for the year ended december 31 , 2013 , from $ 39.1 million for the year ended december 31 , 2012 . compensation and benefits expense increased by $ 5.1 million , or 16.0 % , to $ 36.8 million for the year ended december 31 , 2013 , from $ 31.8 million for the year ended december 31 , 2012 . this increase reflects an increase in salary , headcount and the discretionary bonus accrual . the $ 2.4 million increase in non-cash compensation was primarily due to a shift in compensation mix and the amortization associated with previously issued awards . we would expect non-cash compensation expense in subsequent years to depend on the size and composition of awards granted under our equity incentive plans . general and administrative expense increased by $ 0.8 million , or 10.3 % , to $ 8.1 million for the year ended december 31 , 2013 , from $ 7.3 million for the year ended december 31 , 2012 . this increase is primarily due to an increase in business activities during 2013. year ended december 31 , 2012 versus december 31 , 2011 total operating expense decreased by $ 6.1 million , or 13.5 % , to $ 39.1 million for the year ended december 31 , 2012 , from $ 45.2 million for the year ended december 31 , 2011 . this decrease was primarily attributable to one-time charges associated with the sublease of excess real estate and a charge related to certain employee departures , both realized in

cash flows 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 . 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 $ 1.8 million in 2013 compared to $ 0.1 million used in 2012 . the $ 1.7 million increase was primarily attributable to a $ 1.0 million increase in purchases from investments in deferred compensation , a $ 0.5 million decrease in proceeds from investments in our deferred compensation plan , and $ 0.2 million increase in purchases of property and equipment during 2013 . net cash used in financing activities increased $ 7.2 million in 2013 to $ 41.5 million from $ 34.3 million in 2012 . this increase is primarily due to a $ 5.0 million increase in the repurchase and retirement of class a common stock , class b units , and class b units options during 2013 . this increase also reflects a $ 2.4 million increase in distributions to non-controlling interests driven the increase in partnership tax allocation payments associated with increased taxable income in 2013. year ended december 31 , 2012 versus december 31 , 2011 cash and cash equivalents decreased $ 2.4 million to $ 32.6 million in 2012 compared to $ 35.1 million in 2011 . net cash provided by operating activities decreased $ 14.1 million in 2012 to $ 32.0 million from $ 46.1 million in 2011 . the decrease was primarily due to payments made in association with our tax receivable agreement during 2012 , combined with 2011 one-time charges that were paid in 2012 and a higher mix of cash compensation paid during the year .


 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 , 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 . 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 $ 1.8 million in 2013 compared to $ 0.1 million used in 2012 . the $ 1.7 million increase was primarily attributable to a $ 1.0 million increase in purchases from investments in deferred compensation , a $ 0.5 million decrease in proceeds from investments in our deferred compensation plan , and $ 0.2 million increase in purchases of property and equipment during 2013 . net cash used in financing activities increased $ 7.2 million in 2013 to $ 41.5 million from $ 34.3 million in 2012 . this increase is primarily due to a $ 5.0 million increase in the repurchase and retirement of class a common stock , class b units , and class b units options during 2013 . this increase also reflects a $ 2.4 million increase in distributions to non-controlling interests driven the increase in partnership tax allocation payments associated with increased taxable income in 2013. year ended december 31 , 2012 versus december 31 , 2011 cash and cash equivalents decreased $ 2.4 million to $ 32.6 million in 2012 compared to $ 35.1 million in 2011 . net cash provided by operating activities decreased $ 14.1 million in 2012 to $ 32.0 million from $ 46.1 million in 2011 . the decrease was primarily due to payments made in association with our tax receivable agreement during 2012 , combined with 2011 one-time charges that were paid in 2012 and a higher mix of cash compensation paid during the year .
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 Suspicious Activity Report : 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 . 23 pursuant to our sub-investment advisory agreements with our retail clients , we are generally paid a management fee according to a schedule in which the rate we earn on the aum declines as the 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 office rent and other expenses , professional and outside services fees , depreciation , and the costs associated with operating and maintaining our research , trading , and portfolio accounting systems . 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 . our expenses may fluctuate due to a number of factors , including the following : variations in the level of total compensation expense due to , among other things , bonuses , awards of equity to our employees and employee members of our operating company , changes in our employee count and mix , and competitive factors ; and general and administrative expenses , such as rent , professional service fees and data-related costs , incurred , as necessary , to run our business . other income/ ( expense ) other income/ ( expense ) is derived primarily from investment income or loss arising from our consolidated subsidiaries , income or loss generated by our investments in third-party mutual funds , and interest income generated on our cash balances . other income/ ( expense ) is also affected by changes in our estimates of the liability due to our selling and converting shareholders associated with payments owed to them under the tax receivable agreement which was executed in connection with our reorganization and initial public offering on october 30 , 2007. as discussed further below under “ tax receivable agreement , ” this liability represents 85 % of the amount of cash savings , if any , in u.s. federal , state , and local income tax that we realize as a result of the amortization of the increases in tax basis generated from our acquisitions of our operating company 's units from our selling and converting shareholders . story_separator_special_tag 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 . year ended december 31 , 2012 versus december 31 , 2011 our total revenue decreased $ 6.7 million , or 8.1 % , to $ 76.3 million for the year ended december 31 , 2012 , from $ 83.0 million for the year ended december 31 , 2011 . this change was driven primarily by a $ 3.5 million decrease in performance fees recognized , as well as a shift in the mix of average aum between our institutional and retail strategies . for the year ended december 31 , 2012 , average assets in our institutional and retail strategies were 75.8 % and 24.2 % , respectively , of total average aum . for the year ended december 31 , 2011 , average assets in our institutional and retail strategies were 81.3 % and 18.7 % , respectively of total average aum . as discussed above , due to the substantially large account size of certain of our retail accounts , these accounts generally carry lower weighted average fee rates . this shift in mix was driven by retail inflows primarily associated with our assignment to manage 28 % of the vanguard windsor fund as of the beginning of august 2012 as well as net outflows in our institutional accounts . to the extent that we experience further shifts in average aum , our revenue could be affected . our weighted average fee rates were 0.512 % and 0.553 % for the years ended december 31 , 2012 and 2011 , respectively . this decrease was primarily due to the decrease of performance fees recognized in 2012 as noted above combined with the partial period impact of a higher mix of assets in our retail large cap expanded value strategy which carries a lower fee rate . average assets in institutional accounts decreased $ 0.9 billion , or 7.4 % , to $ 11.3 billion for the year ended december 31 , 2012 , from $ 12.2 billion for the year ended december 31 , 2011 , and had weighted average fees of 0.574 % and 0.591 % for the years ended december 31 , 2012 and 2011 , respectively . weighted average fee rates decreased primarily due to the decrease in performance fees recognized during 2012 , partially offset by a higher mix of assets in our global focused value strategy , which generally carries higher fee rates . average assets in retail accounts increased $ 0.8 billion , or 28.6 % , to $ 3.6 billion for the year ended december 31 , 2012 , from $ 2.8 billion for the year ended december 31 , 2011 , and had weighted average fees of 0.316 % and 0.389 % for the years ended december 31 , 2012 and 2011 , respectively . the decrease in weighted average fees in retail accounts was due primarily to partial period impact of the vanguard assignment . 30 expenses our operating expense is driven primarily by our compensation costs . the table below describes the components of our operating expense for the years ended december 31 , 2013 , 2012 , and 2011 . replace_table_token_11_th year ended december 31 , 2013 versus december 31 , 2012 total operating expense increased by $ 5.8 million , or 14.9 % , to $ 44.9 million for the year ended december 31 , 2013 , from $ 39.1 million for the year ended december 31 , 2012 . compensation and benefits expense increased by $ 5.1 million , or 16.0 % , to $ 36.8 million for the year ended december 31 , 2013 , from $ 31.8 million for the year ended december 31 , 2012 . this increase reflects an increase in salary , headcount and the discretionary bonus accrual . the $ 2.4 million increase in non-cash compensation was primarily due to a shift in compensation mix and the amortization associated with previously issued awards . we would expect non-cash compensation expense in subsequent years to depend on the size and composition of awards granted under our equity incentive plans . general and administrative expense increased by $ 0.8 million , or 10.3 % , to $ 8.1 million for the year ended december 31 , 2013 , from $ 7.3 million for the year ended december 31 , 2012 . this increase is primarily due to an increase in business activities during 2013. year ended december 31 , 2012 versus december 31 , 2011 total operating expense decreased by $ 6.1 million , or 13.5 % , to $ 39.1 million for the year ended december 31 , 2012 , from $ 45.2 million for the year ended december 31 , 2011 . this decrease was primarily attributable to one-time charges associated with the sublease of excess real estate and a charge related to certain employee departures , both realized in

