our most robust period of growth occurred in the three years following the onset of the financial crisis in 2008 , when many industry sector managing directors sought to transition from highly regulated , large , diversified financial institutions to independent advisory firms such as greenhill . while we continue to focus on managing our business in a disciplined manner , and over the past three years have recruited fewer managing directors as compared to the period from 2008 through 2010 , we intend to continue our efforts to recruit new managing directors with industry sector experience and or geographic reach who can help expand our advisory capabilities . we had 66 client facing managing directors as of january 1 , 2015 , and added one additional managing director and announced the addition of 2 more managing directors ( through february 24 , 2015 ) and will add 8 more managing directors when we complete the acquisition of cogent , which is anticipated to occur around the end of the first quarter of 2015. prior to 2011 , we also engaged in merchant banking activities , consisting primarily of management of and investment in greenhill 's merchant banking funds , gcp i , gcp ii , gcp iii , gsavp and gcp europe , which are families of merchant banking funds . at the time of our exit from such activities an entity principally owned by former greenhill employees and independent from greenhill , took over the management of our merchant banking funds . since our exit from the merchant banking business , we have sought to realize value from our remaining principal investments and have sold or transferred substantially all of our investments in previously sponsored merchant banking funds and our previous investment in iridium . beginning in 2011 , as a result of our exit from the management of the merchant banking funds , we no longer generated management fees . since 2011 , our investment revenues consist entirely of gains ( or losses ) realized on the sale of our investments in the merchant banking funds and iridium , and changes in the unrealized value of the estimated fair market value and quoted values of such investments . as a result of the monetization of substantially all of our investments , we do not expect to report meaningful investment revenues or losses in future periods . at december 31 , 2014 , we held remaining investments in merchant banking funds with an estimated fair value of $ 4.2 million . at december 31 , 2014 , we employed 305 people . we strive to maintain a work environment that fosters professionalism , excellence , diversity , and cooperation among our employees worldwide . we utilize a comprehensive evaluation process at the 25 end of each year to measure performance , determine compensation and provide guidance on opportunities for continued development . business environment economic and global financial market conditions can materially affect our financial performance . in addition , revenues and net income in any period may not be indicative of full-year results or the results of any other period and may vary significantly from year to year and quarter to quarter . see “ risk factors . ” our advisory revenues were $ 280.5 million in the year ended december 31 , 2014 compared to $ 287.0 million in the year ended december 31 , 2013 , which represents a decrease of 2 % . this decrease resulted principally from a decrease in transaction completion fees , which were generally smaller in scale than 2013. at the same time , on a global basis , the number of completed transactions was up only 8 % for the year and completed transaction volume was up 17 % ( 1 ) . while the m & a market improved in 2014 , we had an essentially flat revenue outcome . there were several factors that led to this revenue outcome , including the fact that our important foreign markets saw less improvement than the u.s. market , a strong dollar that diminished the value of overseas fees and the impact of some personnel changes that we believe will enhance the long term potential of the firm . we do not regard this revenue outcome as reflective of our longer term growth potential . in 2014 , we advised on transactions for the first time for such leading companies around the world as aa limited , anixter international inc. , boart longyear ltd. , cerner corporation , dillard 's inc. , london stock exchange group plc , mannkind corporation , nippon television holdings , reckitt benckiser and voya financial , inc. we also advised on new transactions in all major markets for clients for whom we had previous engagements such as actavis plc , alcoa inc. , at & t inc. , gannett co. , inc. , tesco plc , tui ag and validus holdings , ltd. by geographic region in 2014 , our advisory revenues were relatively well dispersed throughout the regional markets in which we operate with an increased contribution from north america , where we generated in excess of 59 % of our revenues , which is consistent with the increase in transaction activity generally in that region . most of our other 2014 advisory revenues were generated in europe , where we derived 30 % of our revenues , which was a slight decline from the strong prior year level of contribution . in australia , the scale of transactions on which we advised declined from the prior year . by industry in 2014 , improved performance in the communications & media , consumer & retail and general industrials sectors generally offset a decline in activity in the technology , real estate and financial sectors . while merger and acquisition assignments continued to be our largest revenue source , we benefited from a significant increase in revenue from financing and restructuring advisory assignments . story_separator_special_tag as a result of the sale of substantially all of our investments , we do not expect to report significant investment revenues in future periods . we recognize revenue on investments in merchant banking funds based on our allocable share of realized and unrealized gains ( or losses ) reported by such funds on a quarterly basis . investments held by merchant banking funds are recorded at estimated fair value . because of the inherent uncertainty of valuations as well as the discounts applied , the estimated fair value of investments in privately held companies may differ significantly from the values that would have been used had a ready market for the securities existed . see “ item 2. management 's discussion and analysis of financial condition and results of operations — critical accounting policies and estimates — revenue recognition — investment revenues ” . during our period of ownership of iridium , which ended in december 2013 , we recognized gains or losses from our investment in iridium from marking to market our holdings at the end of each period to record unrealized gains or losses based upon the quoted market price for iridium common stock . to the extent we sold our share holdings in iridium for a price above or below our mark for the previous reported period , we recognized realized gains or losses on such sales during the period of sale . for our remaining investments in the merchant banking funds , the size and timing of changes in the fair value are tied to a number of different factors , including the performance of the particular portfolio companies , general economic conditions in the debt and equity markets and other factors which affect the industries in which the funds are invested . we will continue to record realized and unrealized changes in the fair value of our investments on a quarterly basis until such investments are fully liquidated . adverse changes in general economic conditions , commodity prices , credit and public equity markets could negatively impact the amount of investment revenues we record in any period . 2014 versus 2013 . for the year ended december 31 , 2014 , we recorded an investment loss of $ 5.2 million compared to an investment gain of $ 0.2 million for the year ended december 31 , 2013 . the investment loss for 2014 principally resulted from the sales at a loss of portfolio company investments in our previously sponsored merchant banking fund investments . the net investment gain for 2013 principally resulted from interest income and an increase in the quoted market value of our investment in iridium , offset in part by an investment loss related to our previously sponsored merchant banking funds . 2013 versus 2012 . for the year ended december 31 , 2013 , we recorded an investment gain of $ 0.2 million compared to an investment loss of $ 6.4 million for the year ended december 31 , 2012 . the net gain of $ 6.6 million principally resulted from improved share price performance in the quoted value of iridium , which was marked to market , during 2013 compared to 2012 . during 2013 , we completed the sale of our investment in iridium , selling 5,084,016 common shares at an average price of $ 6.73 per share for proceeds of $ 34.2 million . we recognized a gain of $ 0.8 million on our 2013 sales as compared to a loss of $ 5.0 million in 2012. operating expenses we classify operating expenses as employee compensation and benefits expense and non-compensation expenses . operating expenses include travel , office space , communications , information services , depreciation , professional services and interest expense . a portion of certain costs are reimbursed by clients under the terms of client engagements . for the year ended december 31 , 2014 , total operating expenses were $ 207.8 million compared to $ 215.9 million of total operating expenses in 2013 . the decrease of $ 8.1 million , or 4 % , related to a decrease in our compensation and benefits expenses , as described in more detail below . our pre-tax income margin for 2014 and 2013 remained constant at 25 % . for the year ended december 31 , 2013 , total operating expenses were $ 215.9 million compared to $ 214.6 million of total operating expenses in 2012 . the increase of $ 1.3 million , or 1 % , related to an increase in our compensation and benefits expenses , partially offset by a decrease in non-compensation expenses as described in more detail below . our pre-tax income margin for 2013 and 2012 remained constant at 25 % . the following table sets forth information relating to our operating expenses , which are reported net of reimbursements of certain expenses by our clients : 31 replace_table_token_9_th compensation and benefits expenses the principal component of our operating expenses is employee compensation and benefits expenses , which we determine annually based on a percentage of revenues . the actual percentage of revenue is determined by management in consultation with the compensation committee at each year-end and based on such factors as the relative level of revenues , anticipated compensation requirements to retain and reward our employees , the cost to recruit and exit employees , the charge for amortization of restricted stock awards and related forfeitures and other relevant factors . the ratio of compensation to revenues has remained relatively constant over the past three years during which it has ranged from 53 % to 54 % . our compensation and benefits expenses principally consist of ( i ) base salary and benefits , ( ii ) amortization of long-term incentive compensation awards of restricted stock units and ( iii ) annual incentive compensation payable as cash bonus awards . base salary and benefits are paid ratably throughout the year . awards of restricted stock units are discretionary

cash and cash equivalents decreased by $ 7.6 million from december 31 , 2012 , including a decrease of $ 1.0 million resulting from the effect of the translation of foreign currency amounts into u.s. dollars at the year-end foreign currency conversion rates . we generated $ 67.8 million from operating activities , which consisted of $ 100.8 million from net income after giving effect to the non-cash items and a net increase in working capital of $ 33.0 million ( primarily due to an increase in advisory fees receivable due to a number of large transaction closings shortly prior to december 31 , 2013 ) . we generated $ 35.8 million from investing activities , which consisted of proceeds from the sale of iridium of $ 34.2 million , distributions from merchant banking fund investments of $ 1.3 million , partially offset by $ 0.6 million used to fund capital calls for our merchant banking fund investments and $ 1.2 million for the build out of office space and other capital needs . we used $ 110.2 million in financing activities , including $ 56.2 million for the payment of dividends , $ 42.5 million for open market repurchases of our common stock and $ 12.9 million for the repurchase of our common stock from employees in conjunction with the payment of tax liabilities in settlement of restricted stock units and $ 0.3 million for distributions to non-controlling interests , partially offset by net borrowings on our revolving loan facility of $ 1.7 million . 2012 . cash and cash equivalents decreased by $ 11.7 million from december 31 , 2011 , net of an increase of $ 0.2 million resulting from the effect of the translation of foreign currency amounts into u.s. dollars at the year-end foreign currency conversion rates . we generated $ 94.8 million from operating activities , which consisted of $ 93.4 million from net income after giving effect to the non-cash items and a net decrease in working capital of $ 1.3 million .


 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 and cash equivalents decreased by $ 7.6 million from december 31 , 2012 , including a decrease of $ 1.0 million resulting from the effect of the translation of foreign currency amounts into u.s. dollars at the year-end foreign currency conversion rates . we generated $ 67.8 million from operating activities , which consisted of $ 100.8 million from net income after giving effect to the non-cash items and a net increase in working capital of $ 33.0 million ( primarily due to an increase in advisory fees receivable due to a number of large transaction closings shortly prior to december 31 , 2013 ) . we generated $ 35.8 million from investing activities , which consisted of proceeds from the sale of iridium of $ 34.2 million , distributions from merchant banking fund investments of $ 1.3 million , partially offset by $ 0.6 million used to fund capital calls for our merchant banking fund investments and $ 1.2 million for the build out of office space and other capital needs . we used $ 110.2 million in financing activities , including $ 56.2 million for the payment of dividends , $ 42.5 million for open market repurchases of our common stock and $ 12.9 million for the repurchase of our common stock from employees in conjunction with the payment of tax liabilities in settlement of restricted stock units and $ 0.3 million for distributions to non-controlling interests , partially offset by net borrowings on our revolving loan facility of $ 1.7 million . 2012 . cash and cash equivalents decreased by $ 11.7 million from december 31 , 2011 , net of an increase of $ 0.2 million resulting from the effect of the translation of foreign currency amounts into u.s. dollars at the year-end foreign currency conversion rates . we generated $ 94.8 million from operating activities , which consisted of $ 93.4 million from net income after giving effect to the non-cash items and a net decrease in working capital of $ 1.3 million .
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 Suspicious Activity Report : our most robust period of growth occurred in the three years following the onset of the financial crisis in 2008 , when many industry sector managing directors sought to transition from highly regulated , large , diversified financial institutions to independent advisory firms such as greenhill . while we continue to focus on managing our business in a disciplined manner , and over the past three years have recruited fewer managing directors as compared to the period from 2008 through 2010 , we intend to continue our efforts to recruit new managing directors with industry sector experience and or geographic reach who can help expand our advisory capabilities . we had 66 client facing managing directors as of january 1 , 2015 , and added one additional managing director and announced the addition of 2 more managing directors ( through february 24 , 2015 ) and will add 8 more managing directors when we complete the acquisition of cogent , which is anticipated to occur around the end of the first quarter of 2015. prior to 2011 , we also engaged in merchant banking activities , consisting primarily of management of and investment in greenhill 's merchant banking funds , gcp i , gcp ii , gcp iii , gsavp and gcp europe , which are families of merchant banking funds . at the time of our exit from such activities an entity principally owned by former greenhill employees and independent from greenhill , took over the management of our merchant banking funds . since our exit from the merchant banking business , we have sought to realize value from our remaining principal investments and have sold or transferred substantially all of our investments in previously sponsored merchant banking funds and our previous investment in iridium . beginning in 2011 , as a result of our exit from the management of the merchant banking funds , we no longer generated management fees . since 2011 , our investment revenues consist entirely of gains ( or losses ) realized on the sale of our investments in the merchant banking funds and iridium , and changes in the unrealized value of the estimated fair market value and quoted values of such investments . as a result of the monetization of substantially all of our investments , we do not expect to report meaningful investment revenues or losses in future periods . at december 31 , 2014 , we held remaining investments in merchant banking funds with an estimated fair value of $ 4.2 million . at december 31 , 2014 , we employed 305 people . we strive to maintain a work environment that fosters professionalism , excellence , diversity , and cooperation among our employees worldwide . we utilize a comprehensive evaluation process at the 25 end of each year to measure performance , determine compensation and provide guidance on opportunities for continued development . business environment economic and global financial market conditions can materially affect our financial performance . in addition , revenues and net income in any period may not be indicative of full-year results or the results of any other period and may vary significantly from year to year and quarter to quarter . see “ risk factors . ” our advisory revenues were $ 280.5 million in the year ended december 31 , 2014 compared to $ 287.0 million in the year ended december 31 , 2013 , which represents a decrease of 2 % . this decrease resulted principally from a decrease in transaction completion fees , which were generally smaller in scale than 2013. at the same time , on a global basis , the number of completed transactions was up only 8 % for the year and completed transaction volume was up 17 % ( 1 ) . while the m & a market improved in 2014 , we had an essentially flat revenue outcome . there were several factors that led to this revenue outcome , including the fact that our important foreign markets saw less improvement than the u.s. market , a strong dollar that diminished the value of overseas fees and the impact of some personnel changes that we believe will enhance the long term potential of the firm . we do not regard this revenue outcome as reflective of our longer term growth potential . in 2014 , we advised on transactions for the first time for such leading companies around the world as aa limited , anixter international inc. , boart longyear ltd. , cerner corporation , dillard 's inc. , london stock exchange group plc , mannkind corporation , nippon television holdings , reckitt benckiser and voya financial , inc. we also advised on new transactions in all major markets for clients for whom we had previous engagements such as actavis plc , alcoa inc. , at & t inc. , gannett co. , inc. , tesco plc , tui ag and validus holdings , ltd. by geographic region in 2014 , our advisory revenues were relatively well dispersed throughout the regional markets in which we operate with an increased contribution from north america , where we generated in excess of 59 % of our revenues , which is consistent with the increase in transaction activity generally in that region . most of our other 2014 advisory revenues were generated in europe , where we derived 30 % of our revenues , which was a slight decline from the strong prior year level of contribution . in australia , the scale of transactions on which we advised declined from the prior year . by industry in 2014 , improved performance in the communications & media , consumer & retail and general industrials sectors generally offset a decline in activity in the technology , real estate and financial sectors . while merger and acquisition assignments continued to be our largest revenue source , we benefited from a significant increase in revenue from financing and restructuring advisory assignments . story_separator_special_tag as a result of the sale of substantially all of our investments , we do not expect to report significant investment revenues in future periods . we recognize revenue on investments in merchant banking funds based on our allocable share of realized and unrealized gains ( or losses ) reported by such funds on a quarterly basis . investments held by merchant banking funds are recorded at estimated fair value . because of the inherent uncertainty of valuations as well as the discounts applied , the estimated fair value of investments in privately held companies may differ significantly from the values that would have been used had a ready market for the securities existed . see “ item 2. management 's discussion and analysis of financial condition and results of operations — critical accounting policies and estimates — revenue recognition — investment revenues ” . during our period of ownership of iridium , which ended in december 2013 , we recognized gains or losses from our investment in iridium from marking to market our holdings at the end of each period to record unrealized gains or losses based upon the quoted market price for iridium common stock . to the extent we sold our share holdings in iridium for a price above or below our mark for the previous reported period , we recognized realized gains or losses on such sales during the period of sale . for our remaining investments in the merchant banking funds , the size and timing of changes in the fair value are tied to a number of different factors , including the performance of the particular portfolio companies , general economic conditions in the debt and equity markets and other factors which affect the industries in which the funds are invested . we will continue to record realized and unrealized changes in the fair value of our investments on a quarterly basis until such investments are fully liquidated . adverse changes in general economic conditions , commodity prices , credit and public equity markets could negatively impact the amount of investment revenues we record in any period . 2014 versus 2013 . for the year ended december 31 , 2014 , we recorded an investment loss of $ 5.2 million compared to an investment gain of $ 0.2 million for the year ended december 31 , 2013 . the investment loss for 2014 principally resulted from the sales at a loss of portfolio company investments in our previously sponsored merchant banking fund investments . the net investment gain for 2013 principally resulted from interest income and an increase in the quoted market value of our investment in iridium , offset in part by an investment loss related to our previously sponsored merchant banking funds . 2013 versus 2012 . for the year ended december 31 , 2013 , we recorded an investment gain of $ 0.2 million compared to an investment loss of $ 6.4 million for the year ended december 31 , 2012 . the net gain of $ 6.6 million principally resulted from improved share price performance in the quoted value of iridium , which was marked to market , during 2013 compared to 2012 . during 2013 , we completed the sale of our investment in iridium , selling 5,084,016 common shares at an average price of $ 6.73 per share for proceeds of $ 34.2 million . we recognized a gain of $ 0.8 million on our 2013 sales as compared to a loss of $ 5.0 million in 2012. operating expenses we classify operating expenses as employee compensation and benefits expense and non-compensation expenses . operating expenses include travel , office space , communications , information services , depreciation , professional services and interest expense . a portion of certain costs are reimbursed by clients under the terms of client engagements . for the year ended december 31 , 2014 , total operating expenses were $ 207.8 million compared to $ 215.9 million of total operating expenses in 2013 . the decrease of $ 8.1 million , or 4 % , related to a decrease in our compensation and benefits expenses , as described in more detail below . our pre-tax income margin for 2014 and 2013 remained constant at 25 % . for the year ended december 31 , 2013 , total operating expenses were $ 215.9 million compared to $ 214.6 million of total operating expenses in 2012 . the increase of $ 1.3 million , or 1 % , related to an increase in our compensation and benefits expenses , partially offset by a decrease in non-compensation expenses as described in more detail below . our pre-tax income margin for 2013 and 2012 remained constant at 25 % . the following table sets forth information relating to our operating expenses , which are reported net of reimbursements of certain expenses by our clients : 31 replace_table_token_9_th compensation and benefits expenses the principal component of our operating expenses is employee compensation and benefits expenses , which we determine annually based on a percentage of revenues . the actual percentage of revenue is determined by management in consultation with the compensation committee at each year-end and based on such factors as the relative level of revenues , anticipated compensation requirements to retain and reward our employees , the cost to recruit and exit employees , the charge for amortization of restricted stock awards and related forfeitures and other relevant factors . the ratio of compensation to revenues has remained relatively constant over the past three years during which it has ranged from 53 % to 54 % . our compensation and benefits expenses principally consist of ( i ) base salary and benefits , ( ii ) amortization of long-term incentive compensation awards of restricted stock units and ( iii ) annual incentive compensation payable as cash bonus awards . base salary and benefits are paid ratably throughout the year . awards of restricted stock units are discretionary

