this broad diversification mitigates the impact on invesco of different market cycles and enables the company to take advantage of growth opportunities in various markets and channels . the company has moved to a unified brand - invesco , while preserving the time-tested and distinctive investment perspectives , processes and approaches of our different investment teams across the globe . this effort will contribute to a more consistent client experience across multiple markets and strengthen our ability to market our comprehensive range of capabilities more effectively . as announced in october 2018 , invesco and massmutual have entered into a definitive agreement whereby invesco will acquire massmutual 's asset management affiliate , oppenheimerfunds , inc. in turn , massmutual and the oppenheimerfunds employee shareholders will receive a combination of common and preferred equity consideration , and massmutual will become a significant shareholder of invesco , with an approximate 17 % stake expected at closing . the transaction is on track to close in the second 31 quarter of 2019 ( pending necessary regulatory and other third-party approvals ) . this strategic combination of highly complementary investment and distribution capabilities will strengthen the combined organization 's ability to provide relevant investment outcomes to an expanded number of institutional and retail clients in the u.s. and around the globe . under the terms of the agreement , invesco will acquire oppenheimerfunds with consideration to massmutual and oppenheimerfunds employee shareholders consisting of 81.9 million shares of invesco common equity and $ 4 billion in perpetual , non-cumulative preferred shares with a 21-year non-call period and a fixed rate of 5.9 % . based on invesco 's stock price as of december 31 , 2018 , this represents an estimated purchase price of $ 5.4 billion . the purchase and sale agreement contain customary purchase price adjustments related to net working capital and revenue run rate changes at the closing date . as of the date of this report , no such adjustment to the purchase price would be triggered . the purchase and sale agreement does not contain an adjustment to the purchase price based upon changes in the market valuation of aum . since announcement , invesco and oppenheimerfunds have made significant progress toward achieving the post-close integration and targeted expense synergies of $ 475 million through a planned combination of middle- and back-office rationalization , location strategy and leveraging the scale of the global operating platform . as noted in october , bringing the two firms together will accelerate invesco 's growth strategy and further strengthen our ability to meet client needs across the globe . in october 2018 , the company announced a common stock buyback program of $ 1.2 billion to be completed within the next two years , which will be financed through the strong operating cash flows of the combined invesco and oppenheimerfunds organization . for the purpose of repurchasing its shares , the company entered into a forward contract during the fourth quarter of 2018. under this contract , the counterparty purchased $ 300 million ( 14.4 million shares ) of the company 's shares in the fourth quarter . the shares are included as treasury shares in the company 's balance sheet and reduced outstanding shares as of december 3 , 2018. the company intends to repurchase an additional $ 100- $ 300 million prior to the closing of the oppenheimerfunds acquisition ( depending on market conditions ) , with the remainder to be purchased by the end of 2020. one of the company 's strategic objectives is to harness the power of our global platform by improving effectiveness and efficiency by allocating our resources to the opportunities that will best benefit clients and our business . during 2018 , the company has continued our efforts to transform several key business support functions to become more effective and efficient by leveraging shared service centers , outsourcing , automating key processes and optimizing the company 's office footprint . consistent with this objective , business optimization costs of $ 34.1 million and $ 58.0 million were recorded during the years ended december 31 , 2018 and 2017 , respectively . total costs of these initiatives at completion are estimated to be approximately $ 160.0 million , of which $ 5.0 million remains to be incurred through 2019. at the end of 2018 , these initiatives have produced annualized run-rate expense savings of approximately $ 56 million , and by completion in 2019 , the annualized run-rate savings is expected to be up to $ 58.0 million . invesco great wall fund management company ( `` invesco great wall `` ) , the company 's largest joint venture in china , is experiencing strong growth . invesco great wall is one of the largest sino-foreign managers of equity products in china , with aum of $ 26.9 billion as of december 31 , 2018. the company has a 49 % interest in invesco great wall . in june , invesco great wall 's jingyi money market fund was selected as one of seven money market funds to be included in the money market program , yu ' e bao , administered by ant financial , an affiliate of alibaba . given invesco 's influence on invesco great wall , a change in regulation allowing increased foreign ownership , and reaching oral agreement in principle in the third quarter to obtain a majority stake of the joint venture , the company began reporting 100 % of the flows and aum for invesco great wall beginning in the third quarter . the company 's non-gaap operating results reflect the economics of these holdings on a basis consistent with the underlying aum and flows . o n april 6 , 2018 the company completed its previously announced acquisition of guggenheim investments ' exchange-traded funds ( etf ) business , which consists of $ 38.1 billion of assets under management ( at date of acquisition ) . story_separator_special_tag as discussed in the “ executive overview ” section of this management 's discussion and analysis , during 2018 , global markets saw a return of market volatility and significant negative returns late in the year wipe out earlier gains in all markets . see below for a discussion of the impact of foreign exchange rates on aum . foreign exchange rates during the year ended december 31 , 2018 , we experienced decreases in aum of $ 12.5 billion due to changes in foreign exchange rates ( december 31 , 2017 : aum increased by $ 21.4 billion ; december 31 , 2016 : aum decreased by $ 22.1 billion ) . see the company 's disclosures regarding the changes in foreign exchange rates during the year ended december 31 , 2018 in the “ foreign exchange impact on balance sheet , assets under management and results of operations ” section above for additional information regarding the movement of foreign exchange rates . acquisitions and dispositions during the year ended december 31 , 2018 , we completed the acquisition of guggenheim investments ' etf business , which added $ 38.1 billion in aum at date of purchase and we began including 100 % of invesco great wall fund management company which added $ 9.5 billion in aum during the year . for the year ended december 31 , 2017 , we completed the acquisition of the european etf business , which added $ 26.0 billion in passive etf aum ( including approximately $ 7.0 billion of externally managed aum ) at date of purchase . for the year ended december 31 , 2016 , dispositions of $ 2.7 billion related to the deconsolidation of certain securitization trusts by invesco mortgage capital inc. ( ivr ) and other aum dispositions were partially offset by the acquisition of the controlling interest of invesco asset management ( india ) private limited , which added $ 2.4 billion to aum . revenue yield as a significant proportion of our aum is based outside of the u.s. , changes in foreign exchange rates result in a change to the mix of u.s. dollar denominated aum with aum denominated in other currencies . as fee rates differ across geographic locations , changes to exchange rates have an impact on the net revenue yields . see the company 's disclosures regarding the changes in foreign exchange rates in the `` foreign exchange impact on balance sheet , assets under management and results of operations `` section for additional information regarding the movement of foreign exchange rates . additionally , changes in our aum mix can significantly impact our net revenue yield . passive aum generally earn a lower effective fee rate than active asset classes . the acquisitions of the european etf business in the third quarter of 2017 and the guggenheim etf acquisition in april 2018 increased the level of passive aum and have a dilutive impact on the company 's overall net revenue yield . the company has experienced greater outflows from active aum as compared to outflows from passive aum , increasing the proportion of passive to active aum during the year ended december 31 , 2018 . at december 31 , 2018 , passive aum were $ 221.0 billion , representing 24.9 % of total aum at that date ; whereas at december 31 , 2017 , passive aum were $ 199.0 billion , representing 21.2 % of our total aum at that date ( december 31 , 2016 : $ 144.4 billion 17.8 % ) . in the year ended december 31 , 2018 , the net revenue yield on passive aum was 14.9 basis points compared to 16.3 basis points in the year ended december 31 , 2017 , a decrease of 1.4 basis points ( december 31 , 2016 : 15.3 ) . 38 changes in our aum by channel , asset class , and client domicile , and average aum by asset class , are presented below : total aum by channel ( 1 ) replace_table_token_10_th see accompanying notes immediately following these aum tables . 39 passive aum by channel ( 1 ) replace_table_token_11_th see accompanying notes immediately following these aum tables . 40 total aum by asset class ( 3 ) replace_table_token_12_th see accompanying notes immediately following these aum tables . 41 passive aum by asset class ( 3 ) replace_table_token_13_th see accompanying notes immediately following these aum tables . 42 total aum by client domicile ( 6 ) replace_table_token_14_th see accompanying notes immediately following these aum tables . 43 passive aum by client domicile ( 6 ) replace_table_token_15_th ( 1 ) channel refers to the internal distribution channel from which the aum originated . retail aum represents aum distributed by the company 's retail sales team . institutional aum represents aum distributed by our institutional sales team . this aggregation is viewed as a proxy for presenting aum in the retail and institutional markets in which the company operates . ( 2 ) in 2018 , reinvested distributions are shown in a separate line in the aum tables . for periods prior to the third quarter of 2017 , reinvested distributions are included in market gains and losses . ( 3 ) asset classes are descriptive groupings of aum by common type of underlying investments . ( 4 ) during 2018 , $ 29.8 billion of aum were transferred from retail into institutional to better reflect the activities of institutional sales teams and the clients they support . additionally , a net $ 0.5 billion of passive etf aum were reclassified to active aum in 2018. during 2017 , the company reclassified certain aum previously classified in fixed income to money market totaling $ 3.0 billion . 44 ( 5 ) ending money market aum includes $ 83.7 billion in institutional money market aum as of december 31 , 2018 . ( 6 ) client domicile disclosure groups aum by the domicile of the underlying clients

cash of $ 227.2 million in the year ended december 31 , 2018 ( 2017 : cash used of $ 577.3 million ) . financing cash outflows during the year ended december 31 , 2018 included $ 490.6 million of dividend payments for the dividends declared in january , april , july and november 2018 ( 2017 : dividends paid of $ 471.6 million ) , the payment of $ 51.8 million to meet employees ' withholding tax obligations on share vestings ( 2017 : $ 63.8 million ) , a net borrowing on the credit facility of $ 330.8 million and a payment of $ 15.6 million of contingent consideration related to the deutsche bank management contract purchase ( 2017 : $ 13.2 million ) . financing cash outflows during the year ended december 31 , 2017 also included the purchase of shares through market transactions totaling $ 63.8 million . net cash provided by financing activities totaled $ 169.0 million for the year ended december 31 , 2017 ( 2016 : cash provided of $ 470.1 million ) . as shown in the tables above , the impact of cip on financing activities provided cash of $ 746.3 million during the year ( 2016 : cash provided of $ 1,451.6 million ) . excluding the impact of cip , financing activities used cash of $ 577.3 million in the year ended december 31 , 2017 ( 2016 : cash used of $ 981.5 million ) . financing cash outflows during the year ended december 31 , 2017 included $ 471.6 million of dividend payments for the dividends declared in january , april , july and november 2017 ( 2016 : dividends paid of $ 460.4 million ) , the payment of $ 63.8 million to meet employees ' withholding tax obligations on share vestings ( 2016 : $ 42.0 million ) , a repayment of the credit facility of $ 28.7


 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 of $ 227.2 million in the year ended december 31 , 2018 ( 2017 : cash used of $ 577.3 million ) . financing cash outflows during the year ended december 31 , 2018 included $ 490.6 million of dividend payments for the dividends declared in january , april , july and november 2018 ( 2017 : dividends paid of $ 471.6 million ) , the payment of $ 51.8 million to meet employees ' withholding tax obligations on share vestings ( 2017 : $ 63.8 million ) , a net borrowing on the credit facility of $ 330.8 million and a payment of $ 15.6 million of contingent consideration related to the deutsche bank management contract purchase ( 2017 : $ 13.2 million ) . financing cash outflows during the year ended december 31 , 2017 also included the purchase of shares through market transactions totaling $ 63.8 million . net cash provided by financing activities totaled $ 169.0 million for the year ended december 31 , 2017 ( 2016 : cash provided of $ 470.1 million ) . as shown in the tables above , the impact of cip on financing activities provided cash of $ 746.3 million during the year ( 2016 : cash provided of $ 1,451.6 million ) . excluding the impact of cip , financing activities used cash of $ 577.3 million in the year ended december 31 , 2017 ( 2016 : cash used of $ 981.5 million ) . financing cash outflows during the year ended december 31 , 2017 included $ 471.6 million of dividend payments for the dividends declared in january , april , july and november 2017 ( 2016 : dividends paid of $ 460.4 million ) , the payment of $ 63.8 million to meet employees ' withholding tax obligations on share vestings ( 2016 : $ 42.0 million ) , a repayment of the credit facility of $ 28.7
```    
 Suspicious Activity Report : this broad diversification mitigates the impact on invesco of different market cycles and enables the company to take advantage of growth opportunities in various markets and channels . the company has moved to a unified brand - invesco , while preserving the time-tested and distinctive investment perspectives , processes and approaches of our different investment teams across the globe . this effort will contribute to a more consistent client experience across multiple markets and strengthen our ability to market our comprehensive range of capabilities more effectively . as announced in october 2018 , invesco and massmutual have entered into a definitive agreement whereby invesco will acquire massmutual 's asset management affiliate , oppenheimerfunds , inc. in turn , massmutual and the oppenheimerfunds employee shareholders will receive a combination of common and preferred equity consideration , and massmutual will become a significant shareholder of invesco , with an approximate 17 % stake expected at closing . the transaction is on track to close in the second 31 quarter of 2019 ( pending necessary regulatory and other third-party approvals ) . this strategic combination of highly complementary investment and distribution capabilities will strengthen the combined organization 's ability to provide relevant investment outcomes to an expanded number of institutional and retail clients in the u.s. and around the globe . under the terms of the agreement , invesco will acquire oppenheimerfunds with consideration to massmutual and oppenheimerfunds employee shareholders consisting of 81.9 million shares of invesco common equity and $ 4 billion in perpetual , non-cumulative preferred shares with a 21-year non-call period and a fixed rate of 5.9 % . based on invesco 's stock price as of december 31 , 2018 , this represents an estimated purchase price of $ 5.4 billion . the purchase and sale agreement contain customary purchase price adjustments related to net working capital and revenue run rate changes at the closing date . as of the date of this report , no such adjustment to the purchase price would be triggered . the purchase and sale agreement does not contain an adjustment to the purchase price based upon changes in the market valuation of aum . since announcement , invesco and oppenheimerfunds have made significant progress toward achieving the post-close integration and targeted expense synergies of $ 475 million through a planned combination of middle- and back-office rationalization , location strategy and leveraging the scale of the global operating platform . as noted in october , bringing the two firms together will accelerate invesco 's growth strategy and further strengthen our ability to meet client needs across the globe . in october 2018 , the company announced a common stock buyback program of $ 1.2 billion to be completed within the next two years , which will be financed through the strong operating cash flows of the combined invesco and oppenheimerfunds organization . for the purpose of repurchasing its shares , the company entered into a forward contract during the fourth quarter of 2018. under this contract , the counterparty purchased $ 300 million ( 14.4 million shares ) of the company 's shares in the fourth quarter . the shares are included as treasury shares in the company 's balance sheet and reduced outstanding shares as of december 3 , 2018. the company intends to repurchase an additional $ 100- $ 300 million prior to the closing of the oppenheimerfunds acquisition ( depending on market conditions ) , with the remainder to be purchased by the end of 2020. one of the company 's strategic objectives is to harness the power of our global platform by improving effectiveness and efficiency by allocating our resources to the opportunities that will best benefit clients and our business . during 2018 , the company has continued our efforts to transform several key business support functions to become more effective and efficient by leveraging shared service centers , outsourcing , automating key processes and optimizing the company 's office footprint . consistent with this objective , business optimization costs of $ 34.1 million and $ 58.0 million were recorded during the years ended december 31 , 2018 and 2017 , respectively . total costs of these initiatives at completion are estimated to be approximately $ 160.0 million , of which $ 5.0 million remains to be incurred through 2019. at the end of 2018 , these initiatives have produced annualized run-rate expense savings of approximately $ 56 million , and by completion in 2019 , the annualized run-rate savings is expected to be up to $ 58.0 million . invesco great wall fund management company ( `` invesco great wall `` ) , the company 's largest joint venture in china , is experiencing strong growth . invesco great wall is one of the largest sino-foreign managers of equity products in china , with aum of $ 26.9 billion as of december 31 , 2018. the company has a 49 % interest in invesco great wall . in june , invesco great wall 's jingyi money market fund was selected as one of seven money market funds to be included in the money market program , yu ' e bao , administered by ant financial , an affiliate of alibaba . given invesco 's influence on invesco great wall , a change in regulation allowing increased foreign ownership , and reaching oral agreement in principle in the third quarter to obtain a majority stake of the joint venture , the company began reporting 100 % of the flows and aum for invesco great wall beginning in the third quarter . the company 's non-gaap operating results reflect the economics of these holdings on a basis consistent with the underlying aum and flows . o n april 6 , 2018 the company completed its previously announced acquisition of guggenheim investments ' exchange-traded funds ( etf ) business , which consists of $ 38.1 billion of assets under management ( at date of acquisition ) . story_separator_special_tag as discussed in the “ executive overview ” section of this management 's discussion and analysis , during 2018 , global markets saw a return of market volatility and significant negative returns late in the year wipe out earlier gains in all markets . see below for a discussion of the impact of foreign exchange rates on aum . foreign exchange rates during the year ended december 31 , 2018 , we experienced decreases in aum of $ 12.5 billion due to changes in foreign exchange rates ( december 31 , 2017 : aum increased by $ 21.4 billion ; december 31 , 2016 : aum decreased by $ 22.1 billion ) . see the company 's disclosures regarding the changes in foreign exchange rates during the year ended december 31 , 2018 in the “ foreign exchange impact on balance sheet , assets under management and results of operations ” section above for additional information regarding the movement of foreign exchange rates . acquisitions and dispositions during the year ended december 31 , 2018 , we completed the acquisition of guggenheim investments ' etf business , which added $ 38.1 billion in aum at date of purchase and we began including 100 % of invesco great wall fund management company which added $ 9.5 billion in aum during the year . for the year ended december 31 , 2017 , we completed the acquisition of the european etf business , which added $ 26.0 billion in passive etf aum ( including approximately $ 7.0 billion of externally managed aum ) at date of purchase . for the year ended december 31 , 2016 , dispositions of $ 2.7 billion related to the deconsolidation of certain securitization trusts by invesco mortgage capital inc. ( ivr ) and other aum dispositions were partially offset by the acquisition of the controlling interest of invesco asset management ( india ) private limited , which added $ 2.4 billion to aum . revenue yield as a significant proportion of our aum is based outside of the u.s. , changes in foreign exchange rates result in a change to the mix of u.s. dollar denominated aum with aum denominated in other currencies . as fee rates differ across geographic locations , changes to exchange rates have an impact on the net revenue yields . see the company 's disclosures regarding the changes in foreign exchange rates in the `` foreign exchange impact on balance sheet , assets under management and results of operations `` section for additional information regarding the movement of foreign exchange rates . additionally , changes in our aum mix can significantly impact our net revenue yield . passive aum generally earn a lower effective fee rate than active asset classes . the acquisitions of the european etf business in the third quarter of 2017 and the guggenheim etf acquisition in april 2018 increased the level of passive aum and have a dilutive impact on the company 's overall net revenue yield . the company has experienced greater outflows from active aum as compared to outflows from passive aum , increasing the proportion of passive to active aum during the year ended december 31 , 2018 . at december 31 , 2018 , passive aum were $ 221.0 billion , representing 24.9 % of total aum at that date ; whereas at december 31 , 2017 , passive aum were $ 199.0 billion , representing 21.2 % of our total aum at that date ( december 31 , 2016 : $ 144.4 billion 17.8 % ) . in the year ended december 31 , 2018 , the net revenue yield on passive aum was 14.9 basis points compared to 16.3 basis points in the year ended december 31 , 2017 , a decrease of 1.4 basis points ( december 31 , 2016 : 15.3 ) . 38 changes in our aum by channel , asset class , and client domicile , and average aum by asset class , are presented below : total aum by channel ( 1 ) replace_table_token_10_th see accompanying notes immediately following these aum tables . 39 passive aum by channel ( 1 ) replace_table_token_11_th see accompanying notes immediately following these aum tables . 40 total aum by asset class ( 3 ) replace_table_token_12_th see accompanying notes immediately following these aum tables . 41 passive aum by asset class ( 3 ) replace_table_token_13_th see accompanying notes immediately following these aum tables . 42 total aum by client domicile ( 6 ) replace_table_token_14_th see accompanying notes immediately following these aum tables . 43 passive aum by client domicile ( 6 ) replace_table_token_15_th ( 1 ) channel refers to the internal distribution channel from which the aum originated . retail aum represents aum distributed by the company 's retail sales team . institutional aum represents aum distributed by our institutional sales team . this aggregation is viewed as a proxy for presenting aum in the retail and institutional markets in which the company operates . ( 2 ) in 2018 , reinvested distributions are shown in a separate line in the aum tables . for periods prior to the third quarter of 2017 , reinvested distributions are included in market gains and losses . ( 3 ) asset classes are descriptive groupings of aum by common type of underlying investments . ( 4 ) during 2018 , $ 29.8 billion of aum were transferred from retail into institutional to better reflect the activities of institutional sales teams and the clients they support . additionally , a net $ 0.5 billion of passive etf aum were reclassified to active aum in 2018. during 2017 , the company reclassified certain aum previously classified in fixed income to money market totaling $ 3.0 billion . 44 ( 5 ) ending money market aum includes $ 83.7 billion in institutional money market aum as of december 31 , 2018 . ( 6 ) client domicile disclosure groups aum by the domicile of the underlying clients

