while the covid-19 pandemic did not materially affect our financial results and business operations in the first fiscal quarter ended march 31 , 2020 , economic and health conditions in the united states and across most of the globe changed rapidly since the end of the first quarter and into the second fiscal quarter ended june 30 , 2020. demand for our services continues despite the current capital markets and overall economic environment . such current demand may not continue and or demand may decrease from historical levels depending on the duration and severity of the covid-19 pandemic , the length of time it takes for normal economic and operating conditions to resume , additional governmental actions that may be taken and or extensions of time for restrictions that have been imposed to date , and numerous other uncertainties . the covid-19 pandemic affected our operations in the second quarter ended june 30 , 2020 , in the third quarter ended september 30 , 2020 , in the fourth quarter ended december 31 , 2020 and may continue to do so indefinitely thereafter . all of these factors may have far reaching impacts on our business , operations , and financial results and conditions , directly and indirectly , 37 including without limitation impacts on the health of our management and employees , client behavior , and on the overall economy . the scope and nature of these impacts , most of which are beyond our control , continue to evolve , and the outcomes of these impacts are uncertain . our revenue is highly correlated to securities markets . as a result , we expect that our assets under management and revenue levels will be negatively impacted , on an incremental basis , by the effect of the covid-19 pandemic on securities markets . the decrease in assets under management for the three months ended march 31 , 2020 had an impact on our revenue for the second quarter ended june 30 , 2020 because most of our revenue is billed in advance based on the value of assets under management on the last day of the preceding calendar quarter . we continue to fully operate with our management and employees working remotely and we have had business continuity plans in place which we were able to seamlessly activate upon actions taken by various governmental authorities suggesting that businesses recommend that their employees work from home as a result of the pandemic . due to the above circumstances and as described generally in this form 10-k , management can not predict the full impact of the covid-19 pandemic on the company 's earnings and operations nor to economic conditions generally . the ultimate extent of the effects of the covid-19 pandemic on the company is highly uncertain and will depend on future developments , and such effects could exist for an extended period of time even after the pandemic might end . key performance indicators when we review our performance , we focus on the indicators described below : replace_table_token_3_th ( 1 ) ebitda , a non-gaap measure of earnings , represents net income before provision for income taxes , interest income , interest expense , depreciation and amortization . we define adjusted ebitda as ebitda without giving effect to items , including but not limited to professional fees associated with acquisitions or financing transactions , gains on extinguishment of debt or other obligations related to acquisitions , losses on disposals or abandonment of assets and leaseholds , severance and other similar expenses , but including partner incentive allocations , prior to our initial public offering , as an expense . we use this non-gaap financial measure to assess the strength of our business . these adjustments and the non-gaap financial measures that are derived from them provide supplemental information to analyze our business from period to period . investors should consider these non-gaap financial measures in addition to , and not as a substitute for financial measures in accordance with gaap . see “ supplemental non-gaap financial information ” for a reconciliation of non-gaap financial measures . ( 2 ) adjusted ebitda margin , a non-gaap measure of earnings , is calculated by dividing adjusted ebitda by total revenue . ( 3 ) we have computed average assets under management by averaging assets under management at the beginning of the applicable period and assets under management at the end of the applicable period . revenue we generate revenue from management and advisory fees , performance fees and family office services fees . our management and advisory fees are generated by managing assets on behalf of separate accounts and acting as investment adviser for various investment funds . our performance fees relate to assets managed in external investment strategies in which we have a revenue sharing arrangement and in funds in which we have no partnership interest . our management and advisory fees and family office services fees income is recognized through the course of the period in which these services are provided . income from performance fees is recorded at the conclusion of the contractual performance period when all contingencies are resolved . in certain arrangements , we are only entitled to receive performance fees and allocations when the return on assets under management exceeds certain benchmark returns or other performance targets . 38 the discretionary investment management agreements for our separately managed accounts do not have a specified term . rather , each agreement may be terminated by either party at any time , unless otherwise agreed with the client , upon written notice of termination to the other party . story_separator_special_tag the russell 2000 index is a capitalization-weighted , unmanaged index that measures the 2000 smallest companies in the russell 3000. the russell 2000 value index is a capitalization-weighted , unmanaged index that includes those russell 2000 index companies with lower price-to-book ratios and lower expected growth values . the russell 2000 growth index is a capitalization-weighted , unmanaged index that includes those russell 2000 index companies with higher price-to-book ratios and higher forecasted growth . the russell 2500 index is a capitalization-weighted , unmanaged index that measures the 2500 smallest companies in the russell 3000. the russell 2500 value index is a capitalization-weighted , unmanaged index that includes those russell 2000 index companies with lower price-to-book ratios and lower expected growth values . the russell 2500 growth index is a capitalization-weighted , unmanaged index that includes those russell 2500 index companies with higher price-to-book ratios and higher forecasted growth . the russell 3000 value index is a capitalization-weighted , unmanaged index that measures those russell 3000 index companies with lower price-to-book ratios and lower forecasted growth . year ended december 31 , 2020 versus year ended december 31 , 2019 our total revenue increased by $ 5.8 million , or 5.7 % , to $ 108.0 million for year ended december 31 , 2020 , from $ 102.2 million for year ended december 31 , 2019. this increase was driven by net client inflows and market appreciation in discretionary assets under management . 43 assets under management increased by $ 2.7 billion , or 10.8 % , to $ 27.8 billion at december 31 , 20 20 from $ 25.1 billion at december 31 , 201 9 . our increase in assets under management for the year ended december 31 , 20 20 was attributable to a n increase in discretionary assets under management of $ 1.8 billion and a n increase of $ 0.9 billion in non-discretionary assets under management . the increase in our discretionary assets under management was driven by market ap preciation and net client in flows . with respect to our discretionary assets under management , equity assets increased by 9.0 % during the year ended december 31 , 20 20 and fixed income assets increased by 4.3 % during the same period . with respect to our discretionary assets under management , most of our increase came from our s mid growth , small cap growth , core international , and small cap opportunity strategies with composite returns of 76.0 % , 53.2 % , 39.6 % and 22.8 % , respectively , for the year ended december 31 , 20 20 . compared to the year ended december 31 , 201 9 , there was a de crease of $ 6.8 billion of client inflows , a de crease of $ 1.9 billion in market ap preciation and a de crease of $ 5.3 billion in client outflows . our market ap preciation during the year ended december 31 , 20 20 constituted a 8.3 % rate of increase in our total assets under management compared to december 31 , 201 9 , as compared to our market ap preciation during the year ended december 31 , 201 9 which constituted a 16.7 % rate of in crease in our total assets under management compared to december 31 , 201 8 . sub-advised fund management revenue in creased by $ 0.1 million for the year ended december 31 , 20 20 as compared to the prior year . proprietary fund management revenue decreased by $ 0.5 million for the year ended december 31 , 20 20 as compared to the prior year as a result of client redemptions and market performance . as of december 31 , 20 20 , the composition of our assets under management was 74 % in discretionary assets , which includes both separately managed accounts and proprietary and sub-advised funds , and 26 % in non-discretionary assets which represent assets on which we provide portfolio reporting but do not have investment discretion . family office services revenue remained flat at $ 4.2 million for the years ended december 31 , 2020 and december 31 , 2019. performance fee revenue decreased from $ 25 thousand for the year ended december 31 , 2019 to $ 0 for the year ended december 31 , 2020. these performance fees are primarily related to external investment strategies in which we have a revenue sharing arrangement . year ended december 31 , 2019 versus year ended december 31 , 2018 our total revenue increased by $ 3.5 million , or 3.5 % , to $ 102.2 million for year ended december 31 , 2019 , from $ 98.7 million for year ended december 31 , 2018. this increase was driven by net client inflows in discretionary assets under management , including $ 1.7 billion in assets under management acquired on july 1 , 2019 in connection with the cortina acquisition , and an increase in family office services . assets under management increased by $ 6.1 billion , or 32.1 % , to $ 25.1 billion at december 31 , 2019 from $ 19.0 billion at december 31 , 2018. our increase in assets under management for the year ended december 31 , 2019 was attributable to an increase in discretionary assets under management of $ 4.6 billion and an increase of $ 1.5 billion in non-discretionary assets under management . the increase in our discretionary assets under management was driven by market appreciation and net client inflows . with respect to our discretionary assets under management , equity assets increased by 37.4 % during the year ended december 31 , 2019 and fixed income assets increased by 12.8 % during the same period . with respect to our discretionary assets under management , most of our increase came from our core international , smid growth , reit and large cap value strategies with composite returns of 34.6 % , 33.7 % ,

cash flows the following table sets forth our cash flows for the years ended december 31 , 2020 , 2019 and 2018. operating activities consist of net income subject to adjustments for changes in operating assets and liabilities , depreciation , and equity-based compensation expense . investing activities consist primarily of acquiring and selling property and equipment , distributions received from investments in investment funds , and cash paid as part of business acquisitions . financing activities consist primarily of contributions from partners , distributions to partners , the issuance and payments on partner notes , other financings , and earnout payments related to business acquisitions . replace_table_token_19_th operating activities year ended december 31 , 2020 versus year ended december 31 , 2019 operating activities provided $ 26.8 million and $ 18.8 million for the years ended december 31 , 2020 and 2019 , respectively . this difference is primarily the result of increases in net income of $ 2.1 million , distributions received from investment funds of $ 0.3 million , non-cash lease expense of $ 3.4 million , depreciation and amortization expense of $ 0.8 million primarily as a result of the cortina acquisition and the completion of renovations to our offices , deferred tax expense of $ 0.7 million , accounts payable and accrued expenses of $ 0.5 million , primarily due to a change in the fair value of contingent consideration related to the cortina acquisition and accrued compensation of $ 0.8 million . these increases were partially offset by decreases in equity income from investments of $ 0.9 million due to lower performance fee allocations , accounts receivable of $ 4.9 million due to timing of payments received from clients , equity-based compensation expense of $ 1.6 million , operating lease liabilities of $ 3.7 million . year ended december 31 , 2019 versus year ended december 31 , 2018 operating activities provided $ 18.8 million and $ 28.9 million for the years ended december 31 , 2019 and 2018 , respectively . this difference is primarily the result of a reduction in net income of $ 2.0


 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 the following table sets forth our cash flows for the years ended december 31 , 2020 , 2019 and 2018. operating activities consist of net income subject to adjustments for changes in operating assets and liabilities , depreciation , and equity-based compensation expense . investing activities consist primarily of acquiring and selling property and equipment , distributions received from investments in investment funds , and cash paid as part of business acquisitions . financing activities consist primarily of contributions from partners , distributions to partners , the issuance and payments on partner notes , other financings , and earnout payments related to business acquisitions . replace_table_token_19_th operating activities year ended december 31 , 2020 versus year ended december 31 , 2019 operating activities provided $ 26.8 million and $ 18.8 million for the years ended december 31 , 2020 and 2019 , respectively . this difference is primarily the result of increases in net income of $ 2.1 million , distributions received from investment funds of $ 0.3 million , non-cash lease expense of $ 3.4 million , depreciation and amortization expense of $ 0.8 million primarily as a result of the cortina acquisition and the completion of renovations to our offices , deferred tax expense of $ 0.7 million , accounts payable and accrued expenses of $ 0.5 million , primarily due to a change in the fair value of contingent consideration related to the cortina acquisition and accrued compensation of $ 0.8 million . these increases were partially offset by decreases in equity income from investments of $ 0.9 million due to lower performance fee allocations , accounts receivable of $ 4.9 million due to timing of payments received from clients , equity-based compensation expense of $ 1.6 million , operating lease liabilities of $ 3.7 million . year ended december 31 , 2019 versus year ended december 31 , 2018 operating activities provided $ 18.8 million and $ 28.9 million for the years ended december 31 , 2019 and 2018 , respectively . this difference is primarily the result of a reduction in net income of $ 2.0
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 Suspicious Activity Report : while the covid-19 pandemic did not materially affect our financial results and business operations in the first fiscal quarter ended march 31 , 2020 , economic and health conditions in the united states and across most of the globe changed rapidly since the end of the first quarter and into the second fiscal quarter ended june 30 , 2020. demand for our services continues despite the current capital markets and overall economic environment . such current demand may not continue and or demand may decrease from historical levels depending on the duration and severity of the covid-19 pandemic , the length of time it takes for normal economic and operating conditions to resume , additional governmental actions that may be taken and or extensions of time for restrictions that have been imposed to date , and numerous other uncertainties . the covid-19 pandemic affected our operations in the second quarter ended june 30 , 2020 , in the third quarter ended september 30 , 2020 , in the fourth quarter ended december 31 , 2020 and may continue to do so indefinitely thereafter . all of these factors may have far reaching impacts on our business , operations , and financial results and conditions , directly and indirectly , 37 including without limitation impacts on the health of our management and employees , client behavior , and on the overall economy . the scope and nature of these impacts , most of which are beyond our control , continue to evolve , and the outcomes of these impacts are uncertain . our revenue is highly correlated to securities markets . as a result , we expect that our assets under management and revenue levels will be negatively impacted , on an incremental basis , by the effect of the covid-19 pandemic on securities markets . the decrease in assets under management for the three months ended march 31 , 2020 had an impact on our revenue for the second quarter ended june 30 , 2020 because most of our revenue is billed in advance based on the value of assets under management on the last day of the preceding calendar quarter . we continue to fully operate with our management and employees working remotely and we have had business continuity plans in place which we were able to seamlessly activate upon actions taken by various governmental authorities suggesting that businesses recommend that their employees work from home as a result of the pandemic . due to the above circumstances and as described generally in this form 10-k , management can not predict the full impact of the covid-19 pandemic on the company 's earnings and operations nor to economic conditions generally . the ultimate extent of the effects of the covid-19 pandemic on the company is highly uncertain and will depend on future developments , and such effects could exist for an extended period of time even after the pandemic might end . key performance indicators when we review our performance , we focus on the indicators described below : replace_table_token_3_th ( 1 ) ebitda , a non-gaap measure of earnings , represents net income before provision for income taxes , interest income , interest expense , depreciation and amortization . we define adjusted ebitda as ebitda without giving effect to items , including but not limited to professional fees associated with acquisitions or financing transactions , gains on extinguishment of debt or other obligations related to acquisitions , losses on disposals or abandonment of assets and leaseholds , severance and other similar expenses , but including partner incentive allocations , prior to our initial public offering , as an expense . we use this non-gaap financial measure to assess the strength of our business . these adjustments and the non-gaap financial measures that are derived from them provide supplemental information to analyze our business from period to period . investors should consider these non-gaap financial measures in addition to , and not as a substitute for financial measures in accordance with gaap . see “ supplemental non-gaap financial information ” for a reconciliation of non-gaap financial measures . ( 2 ) adjusted ebitda margin , a non-gaap measure of earnings , is calculated by dividing adjusted ebitda by total revenue . ( 3 ) we have computed average assets under management by averaging assets under management at the beginning of the applicable period and assets under management at the end of the applicable period . revenue we generate revenue from management and advisory fees , performance fees and family office services fees . our management and advisory fees are generated by managing assets on behalf of separate accounts and acting as investment adviser for various investment funds . our performance fees relate to assets managed in external investment strategies in which we have a revenue sharing arrangement and in funds in which we have no partnership interest . our management and advisory fees and family office services fees income is recognized through the course of the period in which these services are provided . income from performance fees is recorded at the conclusion of the contractual performance period when all contingencies are resolved . in certain arrangements , we are only entitled to receive performance fees and allocations when the return on assets under management exceeds certain benchmark returns or other performance targets . 38 the discretionary investment management agreements for our separately managed accounts do not have a specified term . rather , each agreement may be terminated by either party at any time , unless otherwise agreed with the client , upon written notice of termination to the other party . story_separator_special_tag the russell 2000 index is a capitalization-weighted , unmanaged index that measures the 2000 smallest companies in the russell 3000. the russell 2000 value index is a capitalization-weighted , unmanaged index that includes those russell 2000 index companies with lower price-to-book ratios and lower expected growth values . the russell 2000 growth index is a capitalization-weighted , unmanaged index that includes those russell 2000 index companies with higher price-to-book ratios and higher forecasted growth . the russell 2500 index is a capitalization-weighted , unmanaged index that measures the 2500 smallest companies in the russell 3000. the russell 2500 value index is a capitalization-weighted , unmanaged index that includes those russell 2000 index companies with lower price-to-book ratios and lower expected growth values . the russell 2500 growth index is a capitalization-weighted , unmanaged index that includes those russell 2500 index companies with higher price-to-book ratios and higher forecasted growth . the russell 3000 value index is a capitalization-weighted , unmanaged index that measures those russell 3000 index companies with lower price-to-book ratios and lower forecasted growth . year ended december 31 , 2020 versus year ended december 31 , 2019 our total revenue increased by $ 5.8 million , or 5.7 % , to $ 108.0 million for year ended december 31 , 2020 , from $ 102.2 million for year ended december 31 , 2019. this increase was driven by net client inflows and market appreciation in discretionary assets under management . 43 assets under management increased by $ 2.7 billion , or 10.8 % , to $ 27.8 billion at december 31 , 20 20 from $ 25.1 billion at december 31 , 201 9 . our increase in assets under management for the year ended december 31 , 20 20 was attributable to a n increase in discretionary assets under management of $ 1.8 billion and a n increase of $ 0.9 billion in non-discretionary assets under management . the increase in our discretionary assets under management was driven by market ap preciation and net client in flows . with respect to our discretionary assets under management , equity assets increased by 9.0 % during the year ended december 31 , 20 20 and fixed income assets increased by 4.3 % during the same period . with respect to our discretionary assets under management , most of our increase came from our s mid growth , small cap growth , core international , and small cap opportunity strategies with composite returns of 76.0 % , 53.2 % , 39.6 % and 22.8 % , respectively , for the year ended december 31 , 20 20 . compared to the year ended december 31 , 201 9 , there was a de crease of $ 6.8 billion of client inflows , a de crease of $ 1.9 billion in market ap preciation and a de crease of $ 5.3 billion in client outflows . our market ap preciation during the year ended december 31 , 20 20 constituted a 8.3 % rate of increase in our total assets under management compared to december 31 , 201 9 , as compared to our market ap preciation during the year ended december 31 , 201 9 which constituted a 16.7 % rate of in crease in our total assets under management compared to december 31 , 201 8 . sub-advised fund management revenue in creased by $ 0.1 million for the year ended december 31 , 20 20 as compared to the prior year . proprietary fund management revenue decreased by $ 0.5 million for the year ended december 31 , 20 20 as compared to the prior year as a result of client redemptions and market performance . as of december 31 , 20 20 , the composition of our assets under management was 74 % in discretionary assets , which includes both separately managed accounts and proprietary and sub-advised funds , and 26 % in non-discretionary assets which represent assets on which we provide portfolio reporting but do not have investment discretion . family office services revenue remained flat at $ 4.2 million for the years ended december 31 , 2020 and december 31 , 2019. performance fee revenue decreased from $ 25 thousand for the year ended december 31 , 2019 to $ 0 for the year ended december 31 , 2020. these performance fees are primarily related to external investment strategies in which we have a revenue sharing arrangement . year ended december 31 , 2019 versus year ended december 31 , 2018 our total revenue increased by $ 3.5 million , or 3.5 % , to $ 102.2 million for year ended december 31 , 2019 , from $ 98.7 million for year ended december 31 , 2018. this increase was driven by net client inflows in discretionary assets under management , including $ 1.7 billion in assets under management acquired on july 1 , 2019 in connection with the cortina acquisition , and an increase in family office services . assets under management increased by $ 6.1 billion , or 32.1 % , to $ 25.1 billion at december 31 , 2019 from $ 19.0 billion at december 31 , 2018. our increase in assets under management for the year ended december 31 , 2019 was attributable to an increase in discretionary assets under management of $ 4.6 billion and an increase of $ 1.5 billion in non-discretionary assets under management . the increase in our discretionary assets under management was driven by market appreciation and net client inflows . with respect to our discretionary assets under management , equity assets increased by 37.4 % during the year ended december 31 , 2019 and fixed income assets increased by 12.8 % during the same period . with respect to our discretionary assets under management , most of our increase came from our core international , smid growth , reit and large cap value strategies with composite returns of 34.6 % , 33.7 % ,

