the majority of these costs are recorded in the investments in new businesses segment and are included in consulting , outsourcing and professional fees on the accompanying consolidated statements of operations . operating expenses in our investment managers segment increased primarily due to higher personnel costs to service new clients . travel and promotional-related expenses declined during 2020 as sales and client relationship personnel adapted to covid-19 restrictions . travel expenses are included in compensation , benefits and other personnel costs on the accompanying consolidated statements of operations . promotional-related expenses are included in facilities , supplies and other costs on the accompanying consolidated statements of operations . we capitalized $ 22.3 million in 2020 for swp as compared to $ 33.1 million in 2019. amortization expense related to swp increased to $ 43.9 million during 2020 as compared to $ 42.3 million during 2019 due to continued development . the proportion of expenses related to maintenance and support of swp , which are not capitalized , has increased as compared to costs related to development and enhancements eligible for capitalization . we expect the rate of capitalization of software development costs in 2021 to remain at or exceed the level in 2020. the effective tax rate during 2020 was 21.3 % as compared to 20.6 % during 2019. the increase in the effective tax rate was primarily due to reduced tax benefits from a lower volume of stock option exercise activity and an increase in the state effective tax rate ( see the caption `` income taxes `` later in this discussion for more information ) . we continued the stock repurchase program during 2020 and purchased approximately 8,008,000 shares at an average price of $ 53.04 per share for a total cost of $ 424.7 million . significant items impacting our financial results in 2019 revenues increased $ 25.7 million , or 2 % , to $ 1.6 billion in 2019 compared to 2018. net income increased $ 4.4 million , or 1 % , to $ 501.4 million and diluted earnings per share increased to $ 3.24 per share in 2019 compared to $ 3.14 per share in 2018. we believe the following items were significant to our business results during 2019 : revenue from asset management , administration and distribution fees increased primarily from higher assets under administration in our investment managers segment due to sales of new business and market appreciation . average assets under administration increased $ 80.2 billion , or 14 % , to $ 635.8 billion during 2019 as compared to $ 555.6 billion during 2018. information processing and software servicing fees in the private banks segment decreased by $ 10.4 million during 2019 due to previously announced client losses and decreased non-recurring fees . revenues in the institutional investors segment declined $ 11.2 million during 2019 due to acquisitions , plan curtailments and fee compression from increased competition related to the continued contraction of the u.s. corporate defined benefit market . asset funding from new sales partially offset the decline in revenues . our proportionate share in the earnings of lsv decreased by $ 7.9 million , or 5 % , in 2019 due to lower assets under management from negative cash flows and lost clients . market appreciation during 2019 partially offset the decline in lsv 's average assets under management . lower performance fees earned by lsv also negatively impacted earnings . operating expenses were favorably impacted by cost containment measures implemented in late 2018 and early 2019. these expenses primarily consist of operational , technology and marketing costs and are mainly related to solutions offerings as well as servicing existing and acquiring new clients . these operating expenses are primarily included in compensation , benefits and other personnel costs on the accompanying consolidated statements of operations . we capitalized $ 33.1 million in 2019 for swp as compared to $ 43.4 million in 2018. amortization expense related to swp increased to $ 42.3 million during 2019 as compared to $ 39.9 million during 2018 due to continued development . the proportion of expenses related to maintenance and support of swp , which are not capitalized , has increased as compared to costs related to development and enhancements eligible for capitalization . 30 our effective tax rate during 2019 was 20.6 % as compared to 17.6 % during 2018. the increase in the effective tax rate was primarily due to reduced tax benefits from a lower volume of stock option exercise activity . we continued the stock repurchase program during 2019 and purchased approximately 6,225,000 shares at an average price of $ 55.96 per share for a total cost of $ 348.3 million . impact of covid-19 and other events the occurrence of unforeseen or catastrophic events , including the emergence of a pandemic or other widespread health emergency or concerns over the possibility of such an emergency , could create economic and financial disruptions , and could lead to operational difficulties that could impair our ability to manage our business . in december 2019 , a novel strain of coronavirus ( covid-19 ) was identified in wuhan , china . covid-19 quickly spread globally , leading the world health organization to declare the covid-19 virus outbreak a global pandemic in march 2020. since that time , governmental authorities have implemented numerous and varying measures to stall the spread and ameliorate the impact of covid-19 , including travel bans and restrictions , quarantines , curfews , shelter in place and safer-at-home orders , business shutdowns and closures , and have also implemented multi-step policies with the goal of re-opening domestic and global markets . certain jurisdictions have begun re-opening only to return to restrictions in the face of increases in new covid-19 cases . recent developments include the phased re-opening of domestic and global markets to varying degrees . in march 2020 , we executed upon our business resiliency and contingency plans . story_separator_special_tag revenues increased $ 4.7 million , or 1 % , in 2019 compared to the prior year . revenues during 2019 were primarily affected by : increased separately managed account program fees from market appreciation and positive cash flows into sei 's etf programs ; partially offset by decreased investment management fees as market appreciation was more than offset by negative cash flows and a decrease in average basis points earned on assets due to client-directed shifts into lower fee investment products including sei 's etf program . operating margins were 49 % in 2020 and 48 % in 2019. operating income increased $ 6.4 million , or 3 % , in 2020 compared to the prior year . operating income in 2020 was primarily affected by : an increase in revenues ; and decreased promotion and travel costs due to covid-19 restrictions ; partially offset by increased direct expenses associated with increased assets into our separately managed account program . operating margins were 48 % in 2019 and 47 % in 2018. operating income increased $ 8.6 million , or 5 % , in 2019 compared to the prior year . operating income in 2019 was primarily affected by : an increase in revenues ; decreased costs , mainly personnel and consulting costs , related to maintenance , support and client migrations to swp ; decreased sales compensation expense ; and decreased costs associated with accounts formerly processed on trust 3000 ® due to client migrations to swp ; partially offset by increased direct expenses associated with increased assets into our investment products ; and increased amortization expense related to swp due to continued enhancements . 39 institutional investors revenues decreased $ 4.4 million , or 1 % , in 2020 compared to the prior year . revenues during 2020 were primarily affected by : defined benefit client losses , mainly resulting from acquisitions and plan curtailments ; partially offset by asset funding from new sales of our ocio platform ; and increased investment management fees from market appreciation . revenues decreased $ 11.2 million , or 3 % , in 2019 compared to the prior year . revenues during 2019 were primarily affected by : defined benefit client losses , mainly resulting from acquisitions and plan curtailments ; and the negative impact from foreign currency exchange rate fluctuations between the u.s. dollar and the british pound on our foreign operations ; partially offset by asset funding from new sales of our ocio platform ; and increased investment management fees from market appreciation . operating margins were 53 % in 2020 and 52 % in 2019. operating income decreased slightly in 2020 compared to the prior year . operating income during 2020 was primarily affected by : a decrease in revenues ; partially offset by decreased direct expenses associated with investment management fees ; and decreased travel costs due to covid-19 restrictions . operating margins were 52 % in 2019 and 51 % in 2018. operating income decreased $ 1.6 million , or 1 % , in 2019 compared to the prior year . operating income during 2019 was primarily affected by : a decrease in revenues ; and the net negative impact from foreign currency exchange rate fluctuations between the u.s. dollar and the british pound on our foreign operations ; partially offset by decreased direct expenses associated with investment management fees . investment managers revenues increased $ 48.7 million , or 11 % , in 2020 compared to the prior year . revenues during 2020 were primarily affected by : positive cash flows into alternative , traditional and separately managed account offerings from new and existing clients ; and higher valuations of existing client assets from market appreciation ; partially offset by client losses and fund closures . revenues increased $ 42.7 million , or 11 % , in 2019 compared to the prior year . revenues during 2019 were primarily affected by : positive cash flows into alternative , traditional and separately managed account offerings from new and existing clients ; higher valuations of existing client assets from market appreciation ; partially offset by client losses and fund closures . operating margins were 37 % in 2020 and 36 % in 2019. operating income increased $ 21.7 million , or 14 % , in 2020 compared to the prior year . operating income during 2020 was primarily affected by : an increase in revenues ; and decreased promotion and travel costs due to covid-19 restrictions ; partially offset by increased costs associated with new business , primarily personnel expenses and third-party vendor costs ; and increased non-capitalized investment spending , mainly consulting costs . operating margins were 36 % in 2019 and 35 % in 2018. operating income increased $ 20.4 million , or 15 % , in 2019 compared to the prior year . operating income during 2019 was primarily affected by : an increase in revenues ; and 40 the net positive impact from foreign currency exchange rate fluctuations between the u.s. dollar and the euro on our foreign operations ; partially offset by increased personnel expenses , technology and other operational costs to service new and existing clients ; and increased non-capitalized investment spending , mainly consulting costs . other corporate overhead expenses corporate overhead expenses primarily consist of general and administrative expenses and other costs not directly attributable to a reportable business segment . corporate overhead expenses were $ 74.0 million , $ 72.2 million and $ 65.6 million in 2020 , 2019 and 2018 , respectively . the increase in corporate overhead expenses during 2020 was primarily due to an increase in personnel costs and increased professional fees related to our initiative to identify tactical and strategic improvements to our operational resiliency plans and capabilities . the increase in corporate overhead expenses in 2019 was primarily due to increased non-recurring personnel-related costs , primarily severance costs . other income and expense items other income and expense items on the accompanying consolidated

net cash used in investing activities includes : purchases , sales and maturities of marketable securities . our purchases , sales and maturities of marketable securities during 2020 , 2019 and 2018 were as follows : replace_table_token_17_th marketable securities purchased generally consisted of investments in short-term u.s. government agency securities through sidco 's cash management program , additional gnma securities to satisfy applicable regulatory requirements of sptc and investments for the start-up of new investment products . proceeds received from sales and maturities primarily included maturities of short-term securities owned by sidco and principal prepayments related to the gnma securities owned by sptc . the capitalization of costs incurred in developing computer software . we capitalized $ 24.1 million , $ 34.1 million and $ 44.2 million of software development costs in 2020 , 2019 and 2018 , respectively . amounts capitalized primarily include costs for significant enhancements and upgrades for the expanded functionality of swp . capital expenditures . capital expenditures in 2020 , 2019 and 2018 primarily include purchased software and equipment for data center operations . expenditures also include the expansion of our corporate headquarters , which was substantially completed during 2020. total expenditures in 2020 for the expansion of the headquarters were $ 23.5 million and we expect final expenditures in 2021 to be approximately $ 5.9 million . we also expect to incur costs in 2021 related to our ongoing assessment of operational resiliency plans and capabilities . cash paid for acquisition , net of cash acquired . we completed the acquisition of huntington steele in april 2018. the purchase price included a net cash payment of $ 5.8 million . net cash used in financing activities includes : principal repayments on revolving credit facility . we made principal payments of $ 30.0 million during 2018 to fully repay the outstanding balance of the credit facility . borrowings were related to the funding of an acquisition . we had no borrowings under our credit facility in 2020 , 2019 or 2018. the repurchase of our common stock . the board of directors has authorized the repurchase of common stock through multiple authorizations .


 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.
     ```net cash used in investing activities includes : purchases , sales and maturities of marketable securities . our purchases , sales and maturities of marketable securities during 2020 , 2019 and 2018 were as follows : replace_table_token_17_th marketable securities purchased generally consisted of investments in short-term u.s. government agency securities through sidco 's cash management program , additional gnma securities to satisfy applicable regulatory requirements of sptc and investments for the start-up of new investment products . proceeds received from sales and maturities primarily included maturities of short-term securities owned by sidco and principal prepayments related to the gnma securities owned by sptc . the capitalization of costs incurred in developing computer software . we capitalized $ 24.1 million , $ 34.1 million and $ 44.2 million of software development costs in 2020 , 2019 and 2018 , respectively . amounts capitalized primarily include costs for significant enhancements and upgrades for the expanded functionality of swp . capital expenditures . capital expenditures in 2020 , 2019 and 2018 primarily include purchased software and equipment for data center operations . expenditures also include the expansion of our corporate headquarters , which was substantially completed during 2020. total expenditures in 2020 for the expansion of the headquarters were $ 23.5 million and we expect final expenditures in 2021 to be approximately $ 5.9 million . we also expect to incur costs in 2021 related to our ongoing assessment of operational resiliency plans and capabilities . cash paid for acquisition , net of cash acquired . we completed the acquisition of huntington steele in april 2018. the purchase price included a net cash payment of $ 5.8 million . net cash used in financing activities includes : principal repayments on revolving credit facility . we made principal payments of $ 30.0 million during 2018 to fully repay the outstanding balance of the credit facility . borrowings were related to the funding of an acquisition . we had no borrowings under our credit facility in 2020 , 2019 or 2018. the repurchase of our common stock . the board of directors has authorized the repurchase of common stock through multiple authorizations .
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 Suspicious Activity Report : the majority of these costs are recorded in the investments in new businesses segment and are included in consulting , outsourcing and professional fees on the accompanying consolidated statements of operations . operating expenses in our investment managers segment increased primarily due to higher personnel costs to service new clients . travel and promotional-related expenses declined during 2020 as sales and client relationship personnel adapted to covid-19 restrictions . travel expenses are included in compensation , benefits and other personnel costs on the accompanying consolidated statements of operations . promotional-related expenses are included in facilities , supplies and other costs on the accompanying consolidated statements of operations . we capitalized $ 22.3 million in 2020 for swp as compared to $ 33.1 million in 2019. amortization expense related to swp increased to $ 43.9 million during 2020 as compared to $ 42.3 million during 2019 due to continued development . the proportion of expenses related to maintenance and support of swp , which are not capitalized , has increased as compared to costs related to development and enhancements eligible for capitalization . we expect the rate of capitalization of software development costs in 2021 to remain at or exceed the level in 2020. the effective tax rate during 2020 was 21.3 % as compared to 20.6 % during 2019. the increase in the effective tax rate was primarily due to reduced tax benefits from a lower volume of stock option exercise activity and an increase in the state effective tax rate ( see the caption `` income taxes `` later in this discussion for more information ) . we continued the stock repurchase program during 2020 and purchased approximately 8,008,000 shares at an average price of $ 53.04 per share for a total cost of $ 424.7 million . significant items impacting our financial results in 2019 revenues increased $ 25.7 million , or 2 % , to $ 1.6 billion in 2019 compared to 2018. net income increased $ 4.4 million , or 1 % , to $ 501.4 million and diluted earnings per share increased to $ 3.24 per share in 2019 compared to $ 3.14 per share in 2018. we believe the following items were significant to our business results during 2019 : revenue from asset management , administration and distribution fees increased primarily from higher assets under administration in our investment managers segment due to sales of new business and market appreciation . average assets under administration increased $ 80.2 billion , or 14 % , to $ 635.8 billion during 2019 as compared to $ 555.6 billion during 2018. information processing and software servicing fees in the private banks segment decreased by $ 10.4 million during 2019 due to previously announced client losses and decreased non-recurring fees . revenues in the institutional investors segment declined $ 11.2 million during 2019 due to acquisitions , plan curtailments and fee compression from increased competition related to the continued contraction of the u.s. corporate defined benefit market . asset funding from new sales partially offset the decline in revenues . our proportionate share in the earnings of lsv decreased by $ 7.9 million , or 5 % , in 2019 due to lower assets under management from negative cash flows and lost clients . market appreciation during 2019 partially offset the decline in lsv 's average assets under management . lower performance fees earned by lsv also negatively impacted earnings . operating expenses were favorably impacted by cost containment measures implemented in late 2018 and early 2019. these expenses primarily consist of operational , technology and marketing costs and are mainly related to solutions offerings as well as servicing existing and acquiring new clients . these operating expenses are primarily included in compensation , benefits and other personnel costs on the accompanying consolidated statements of operations . we capitalized $ 33.1 million in 2019 for swp as compared to $ 43.4 million in 2018. amortization expense related to swp increased to $ 42.3 million during 2019 as compared to $ 39.9 million during 2018 due to continued development . the proportion of expenses related to maintenance and support of swp , which are not capitalized , has increased as compared to costs related to development and enhancements eligible for capitalization . 30 our effective tax rate during 2019 was 20.6 % as compared to 17.6 % during 2018. the increase in the effective tax rate was primarily due to reduced tax benefits from a lower volume of stock option exercise activity . we continued the stock repurchase program during 2019 and purchased approximately 6,225,000 shares at an average price of $ 55.96 per share for a total cost of $ 348.3 million . impact of covid-19 and other events the occurrence of unforeseen or catastrophic events , including the emergence of a pandemic or other widespread health emergency or concerns over the possibility of such an emergency , could create economic and financial disruptions , and could lead to operational difficulties that could impair our ability to manage our business . in december 2019 , a novel strain of coronavirus ( covid-19 ) was identified in wuhan , china . covid-19 quickly spread globally , leading the world health organization to declare the covid-19 virus outbreak a global pandemic in march 2020. since that time , governmental authorities have implemented numerous and varying measures to stall the spread and ameliorate the impact of covid-19 , including travel bans and restrictions , quarantines , curfews , shelter in place and safer-at-home orders , business shutdowns and closures , and have also implemented multi-step policies with the goal of re-opening domestic and global markets . certain jurisdictions have begun re-opening only to return to restrictions in the face of increases in new covid-19 cases . recent developments include the phased re-opening of domestic and global markets to varying degrees . in march 2020 , we executed upon our business resiliency and contingency plans . story_separator_special_tag revenues increased $ 4.7 million , or 1 % , in 2019 compared to the prior year . revenues during 2019 were primarily affected by : increased separately managed account program fees from market appreciation and positive cash flows into sei 's etf programs ; partially offset by decreased investment management fees as market appreciation was more than offset by negative cash flows and a decrease in average basis points earned on assets due to client-directed shifts into lower fee investment products including sei 's etf program . operating margins were 49 % in 2020 and 48 % in 2019. operating income increased $ 6.4 million , or 3 % , in 2020 compared to the prior year . operating income in 2020 was primarily affected by : an increase in revenues ; and decreased promotion and travel costs due to covid-19 restrictions ; partially offset by increased direct expenses associated with increased assets into our separately managed account program . operating margins were 48 % in 2019 and 47 % in 2018. operating income increased $ 8.6 million , or 5 % , in 2019 compared to the prior year . operating income in 2019 was primarily affected by : an increase in revenues ; decreased costs , mainly personnel and consulting costs , related to maintenance , support and client migrations to swp ; decreased sales compensation expense ; and decreased costs associated with accounts formerly processed on trust 3000 ® due to client migrations to swp ; partially offset by increased direct expenses associated with increased assets into our investment products ; and increased amortization expense related to swp due to continued enhancements . 39 institutional investors revenues decreased $ 4.4 million , or 1 % , in 2020 compared to the prior year . revenues during 2020 were primarily affected by : defined benefit client losses , mainly resulting from acquisitions and plan curtailments ; partially offset by asset funding from new sales of our ocio platform ; and increased investment management fees from market appreciation . revenues decreased $ 11.2 million , or 3 % , in 2019 compared to the prior year . revenues during 2019 were primarily affected by : defined benefit client losses , mainly resulting from acquisitions and plan curtailments ; and the negative impact from foreign currency exchange rate fluctuations between the u.s. dollar and the british pound on our foreign operations ; partially offset by asset funding from new sales of our ocio platform ; and increased investment management fees from market appreciation . operating margins were 53 % in 2020 and 52 % in 2019. operating income decreased slightly in 2020 compared to the prior year . operating income during 2020 was primarily affected by : a decrease in revenues ; partially offset by decreased direct expenses associated with investment management fees ; and decreased travel costs due to covid-19 restrictions . operating margins were 52 % in 2019 and 51 % in 2018. operating income decreased $ 1.6 million , or 1 % , in 2019 compared to the prior year . operating income during 2019 was primarily affected by : a decrease in revenues ; and the net negative impact from foreign currency exchange rate fluctuations between the u.s. dollar and the british pound on our foreign operations ; partially offset by decreased direct expenses associated with investment management fees . investment managers revenues increased $ 48.7 million , or 11 % , in 2020 compared to the prior year . revenues during 2020 were primarily affected by : positive cash flows into alternative , traditional and separately managed account offerings from new and existing clients ; and higher valuations of existing client assets from market appreciation ; partially offset by client losses and fund closures . revenues increased $ 42.7 million , or 11 % , in 2019 compared to the prior year . revenues during 2019 were primarily affected by : positive cash flows into alternative , traditional and separately managed account offerings from new and existing clients ; higher valuations of existing client assets from market appreciation ; partially offset by client losses and fund closures . operating margins were 37 % in 2020 and 36 % in 2019. operating income increased $ 21.7 million , or 14 % , in 2020 compared to the prior year . operating income during 2020 was primarily affected by : an increase in revenues ; and decreased promotion and travel costs due to covid-19 restrictions ; partially offset by increased costs associated with new business , primarily personnel expenses and third-party vendor costs ; and increased non-capitalized investment spending , mainly consulting costs . operating margins were 36 % in 2019 and 35 % in 2018. operating income increased $ 20.4 million , or 15 % , in 2019 compared to the prior year . operating income during 2019 was primarily affected by : an increase in revenues ; and 40 the net positive impact from foreign currency exchange rate fluctuations between the u.s. dollar and the euro on our foreign operations ; partially offset by increased personnel expenses , technology and other operational costs to service new and existing clients ; and increased non-capitalized investment spending , mainly consulting costs . other corporate overhead expenses corporate overhead expenses primarily consist of general and administrative expenses and other costs not directly attributable to a reportable business segment . corporate overhead expenses were $ 74.0 million , $ 72.2 million and $ 65.6 million in 2020 , 2019 and 2018 , respectively . the increase in corporate overhead expenses during 2020 was primarily due to an increase in personnel costs and increased professional fees related to our initiative to identify tactical and strategic improvements to our operational resiliency plans and capabilities . the increase in corporate overhead expenses in 2019 was primarily due to increased non-recurring personnel-related costs , primarily severance costs . other income and expense items other income and expense items on the accompanying consolidated

