38 other business highlights for 2016 include the following : we continued to invest in strategic growth initiatives in 2016 to better position us for longer term success . we launched 12 u.s. listed etfs capitalizing on macro-investment themes and diversifying our product offerings . these launches included dynamic currency hedged etfs , such as the dynamic currency hedged international equity etf ( ddwm ) , which was the most successful etf launched in the u.s. in 2016 based on total aum , the industry 's first smart beta corporate bond suite and a collateralized put write strategy etf on the s & p 500 index . we also invested in marketing and sales related initiatives to support our existing etfs as well as new etf launches . headcount increased by 32 globally , predominantly in sales and functions supporting sales , including research and marketing . we executed on our global growth plans by establishing an office in toronto and distributing a select range of locally listed etfs in canada . during 2016 , we launched six new canadian etfs , four new boost etps and 4 new wisdomtree ucits etfs . we also entered into a global product partnership with icbc credit suisse asset management ( international ) company limited to launch , market and distribute etfs that track the s & p china 500 index . a luxembourg ucits etf listed in europe marked the first product in this collaboration . in november 2016 , we made a $ 20.0 million strategic investment for a 36 % fully diluted equity interest in advisorengine , formerly known as vanare , an end-to-end digital wealth management platform which enables individual customization of investment philosophies . we and advisorengine also entered into a strategic agreement whereby our asset allocation models are made available through advisorengine 's open architecture platform and we actively introduce the platform to our distribution network . advisorengine offers an array of distinct product offerings that provide advisors with new client prospecting tools , online client onboarding , institutional grade analytics , trading , performance reporting and billing . its technology is distinctive in that it provides these features from an advisor-centric point of view , allowing advisors to deepen their engagement with clients and demonstrate the value of the advisory relationship . in may 2016 , we accelerated the buyout of the remaining minority interest in our european business and made management changes to drive continued growth . we returned approximately $ 83.0 million to our stockholders through our ongoing quarterly cash dividend and stock buybacks . business segments we operate as an etp sponsor and asset manager providing investment advisory services in the u.s. , europe , canada and japan . these activities are reported in our u.s. business and international business segments , as follows : u.s. business segment : our u.s. business and japan sales office , which primarily engages in selling our u.s. listed etfs to japanese institutions ; and international business segment : our european business which commenced in april 2014 in connection with our acquisition of boost and our canadian business which launched its first six etfs in july 2016 . 39 the following charts reflect key operating and financial metrics for our businesses : u.s. business segment international business segment consolidated operating results 40 background market environment the following chart reflects the annual returns of the broad based equity indexes over the last three years . as the chart reflects , the broad based equity market indexes have been volatile since 2013. source : factset the vast majority of our global aum is in u.s. listed etfs . the u.s. etf industry also has been experiencing generally higher flows as the charts below reflect . in 2016 , domestic equities gathered the majority of net inflows for the year : source : investment company institute . 41 industry developments the etf industry is becoming significantly more competitive . there has been increased price competition in not only commoditized product categories such as traditional , market capitalization weighted index exposures , but also in fundamental or other non-market cap weighted or factor-based exposures . in addition , existing players have broadened their suite of products to offer different strategies that are , in some cases , similar to ours . lastly , large traditional asset managers are also launching etfs , some with similar strategies to ours . we do not know what effect , if any , increased price competition or the launch of these etfs may have on our business . within the etf industry , being a first mover , or one of the first providers of etfs in a particular asset class , can be a significant advantage , as the first etf in a category to attract scale in aum and trading liquidity is generally viewed as the most attractive etf . we believe that our early launch of etfs in a number of asset classes or strategies , including fundamental weighting and currency hedging , positions us well to maintain our position as one of the leaders of the etf industry . additionally , we believe our affiliated indexing or self-indexing model enables us to launch proprietary products which do not have exact competition . in april 2016 , the dol published its final rule to address conflicts of interest in retirement advice , commonly referred to as the fiduciary rule . the fiduciary rule is scheduled to become effective in april 2017. however , in february 2017 , president trump issued a presidential memorandum instructing the dol to conduct an economic and legal analysis on the rule 's potential impact . as a result , the dol has formally proposed a 60-day delay to the effective date . also in february 2017 , a texas district court upheld the rule . in response to the fiduciary rule , industry experts predicted an acceleration in the shift from commission-based to fee-based advisory models . story_separator_special_tag we had 86 u.s. listed etfs and 76 european listed products at the end of 2015 compared to 94 u.s. listed etfs , 84 european listed products and six canadian listed etfs at the end of 2016. marketing and advertising marketing and advertising expense increased 17.0 % from $ 13.4 million in 2015 to $ 15.6 million in 2016 primarily due to higher levels of advertising related activities . sales and business development sales and business development expense increased 36.4 % from $ 9.2 million in 2015 to $ 12.5 million in 2016 primarily due to higher spending on sales related activities . professional and consulting fees professional and consulting fees decreased 5.3 % from $ 7.1 million in 2015 to $ 6.7 million in 2016. this decrease was primarily due to lower fees for strategic consulting services and lower recruiting fees partly offset by fees associated with our office in canada that we established in april 2016. occupancy , communications and equipment occupancy , communications and equipment expense increased 21.2 % from $ 4.3 million in 2015 to $ 5.2 million in 2016 primarily due to technology initiatives and higher costs for our office space in japan which was opened in the second quarter of 2015 . 51 depreciation and amortization depreciation and amortization expense increased 29.7 % from $ 1.0 million in 2015 to $ 1.3 million in 2016 primarily due to expenses of our japan office that we opened in the second quarter of 2015 and higher amortization for leasehold improvements to our new york office space . third party sharing arrangements third party sharing arrangements expense increased 15.7 % from $ 2.4 million in 2015 to $ 2.8 million in 2016 primarily due to fees we pay to list our etfs on third party platforms and higher fees to our marketing agent in latin america . goodwill impairment a goodwill impairment charge of $ 1.7 million was recorded during the three months ended december 31 , 2016 , which was related to an interim impairment test performed on the goodwill recognized in connection with the acquisition of a majority stake in our european business in april 2014. see note 16 to our consolidated financial statements . acquisition payment acquisition payment expense increased 208.4 % from $ 2.2 million in 2015 to $ 6.7 million in 2016 as a result of the acceleration of the buyout of the remaining minority interest in our european business . other other expenses increased 11.7 % from $ 6.2 million in 2015 to $ 6.9 million in 2016 primarily due to expenses of our japan office that we opened in the second quarter of 2015 and increases other general and administrative expenses . income tax expense our effective income tax rate for the year ended december 31 , 2016 was 52.9 % , which resulted in income tax expense of $ 29.4 million . our tax rate differed from the federal statutory rate of 35 % primarily due to a valuation allowance on our foreign net operating losses , the acquisition payment expense and goodwill impairment charge ( both of which are non-deductible ) and state and local income taxes . our effective income tax rate for the year ended december 31 , 2015 was 41.6 % , which resulted in income tax expense of $ 57.1 million . our tax rate differed from the federal statutory rate of 35 % primarily due to state and local income taxes , foreign net operating losses and the acquisition payment expense ( which is non-deductible ) . 52 year ended december 31 , 2015 compared to year ended december 31 , 2014 overview replace_table_token_11_th our global aum increased 32.8 % from $ 39.5 billion at the end of 2014 to $ 52.4 billion at the end of 2015. this change was primarily driven by changes in our u.s. listed aum which increased 31.5 % from $ 39.3 billion at the end of 2014 to $ 51.6 billion at the end of 2015 due to $ 16.9 billion of net inflows partly offset by market depreciation . we reported pre-tax income of $ 137.2 million in 2015 , an increase of 86.5 % from 2014 primarily due to higher revenues , and we reported net income of $ 80.1 million in 2015 compared to $ 61.1 million in 2014. revenues replace_table_token_12_th advisory fees advisory fees revenues increased 63.0 % from $ 182.8 million in 2014 to $ 297.9 million in 2015 due to higher average aum primarily resulting from net inflows to our currency hedged european equity etf ( hedj ) partly offset by market depreciation . the average u.s. advisory fee earned increased from 0.52 % in 2014 to 0.53 % in 2015 due to inflows into our higher fee etfs . other income other income increased 5.5 % from 2014 to 2015. this increase was primarily due to higher interest income from our growing cash balances and higher index licensing fees partly offset by losses on foreign currencies . 53 expenses replace_table_token_13_th replace_table_token_14_th compensation and benefits compensation and benefits expense increased 78.6 % from $ 41.0 million in 2014 to $ 73.2 million in 2015. this increase was primarily due to higher accrued incentive compensation due to our record inflow levels , increased headcount related expenses to support our growth and higher stock-based compensation due to equity awards granted to our employees as part of 2014 compensation . headcount of our u.s. business segment was 101 and our international business segment was 23 at the end of 2014 compared to 143 and 34 , respectively , at the end of 2015. fund management and administration fund management and administration expense increased 24.4 % from $ 34.4 million in 2014 to $ 42.8 million in 2015. this increase was primarily due to costs associated with higher average u.s. listed aum ; printing and mailing fees as a result of additional holders of our u.s. listed etfs ; and other costs associated with additional

liquidity and capital resources the following table summarizes key data regarding our liquidity , capital resources and use of capital to fund our operations : replace_table_token_20_th replace_table_token_21_th liquidity we consider our available liquidity to be our liquid assets less our liabilities . liquid assets consist of cash and cash equivalents , securities owned , at fair value , securities held-to-maturity and accounts receivable . cash and cash equivalents include cash on hand with financial institutions and all highly liquid investments with an original maturity of 90 days or less at the time of purchase . our securities owned , at fair value are highly liquid investments . certain securities are accounted for as held-to-maturity securities and we have the intention and ability to hold them to maturity . however , these securities are also readily traded and , if needed , could be sold for liquidity . accounts receivable are current assets and primarily represent receivables from advisory fees we earn from our etps . our liabilities consist primarily of payments owed to vendors and third parties in the normal course of business as well as accrued year end compensation for employees . cash and cash equivalents decreased $ 117.3 million in 2016 due to $ 63.6 million of cash and cash equivalents invested in an available-for-sale portfolio of short-duration investment grade corporate bonds , $ 43.7 million used to pay dividends on our common stock , $ 39.4 million used to repurchase our common stock , $ 20.0 million invested in advisorengine , $ 15.5 million used to purchase held-to-maturity securities , $ 11.8 million used in connection with the greenhaven acquisition and $ 0.9 million of other activities . these decreases were partly offset by $ 54.9 million of cash generated by our operating activities , $ 16.7 million from held-to-maturity securities called or maturing during the year and $ 6.0 million from sales and maturities of securities available-for-sale .


 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.
     ```liquidity and capital resources the following table summarizes key data regarding our liquidity , capital resources and use of capital to fund our operations : replace_table_token_20_th replace_table_token_21_th liquidity we consider our available liquidity to be our liquid assets less our liabilities . liquid assets consist of cash and cash equivalents , securities owned , at fair value , securities held-to-maturity and accounts receivable . cash and cash equivalents include cash on hand with financial institutions and all highly liquid investments with an original maturity of 90 days or less at the time of purchase . our securities owned , at fair value are highly liquid investments . certain securities are accounted for as held-to-maturity securities and we have the intention and ability to hold them to maturity . however , these securities are also readily traded and , if needed , could be sold for liquidity . accounts receivable are current assets and primarily represent receivables from advisory fees we earn from our etps . our liabilities consist primarily of payments owed to vendors and third parties in the normal course of business as well as accrued year end compensation for employees . cash and cash equivalents decreased $ 117.3 million in 2016 due to $ 63.6 million of cash and cash equivalents invested in an available-for-sale portfolio of short-duration investment grade corporate bonds , $ 43.7 million used to pay dividends on our common stock , $ 39.4 million used to repurchase our common stock , $ 20.0 million invested in advisorengine , $ 15.5 million used to purchase held-to-maturity securities , $ 11.8 million used in connection with the greenhaven acquisition and $ 0.9 million of other activities . these decreases were partly offset by $ 54.9 million of cash generated by our operating activities , $ 16.7 million from held-to-maturity securities called or maturing during the year and $ 6.0 million from sales and maturities of securities available-for-sale .
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 Suspicious Activity Report : 38 other business highlights for 2016 include the following : we continued to invest in strategic growth initiatives in 2016 to better position us for longer term success . we launched 12 u.s. listed etfs capitalizing on macro-investment themes and diversifying our product offerings . these launches included dynamic currency hedged etfs , such as the dynamic currency hedged international equity etf ( ddwm ) , which was the most successful etf launched in the u.s. in 2016 based on total aum , the industry 's first smart beta corporate bond suite and a collateralized put write strategy etf on the s & p 500 index . we also invested in marketing and sales related initiatives to support our existing etfs as well as new etf launches . headcount increased by 32 globally , predominantly in sales and functions supporting sales , including research and marketing . we executed on our global growth plans by establishing an office in toronto and distributing a select range of locally listed etfs in canada . during 2016 , we launched six new canadian etfs , four new boost etps and 4 new wisdomtree ucits etfs . we also entered into a global product partnership with icbc credit suisse asset management ( international ) company limited to launch , market and distribute etfs that track the s & p china 500 index . a luxembourg ucits etf listed in europe marked the first product in this collaboration . in november 2016 , we made a $ 20.0 million strategic investment for a 36 % fully diluted equity interest in advisorengine , formerly known as vanare , an end-to-end digital wealth management platform which enables individual customization of investment philosophies . we and advisorengine also entered into a strategic agreement whereby our asset allocation models are made available through advisorengine 's open architecture platform and we actively introduce the platform to our distribution network . advisorengine offers an array of distinct product offerings that provide advisors with new client prospecting tools , online client onboarding , institutional grade analytics , trading , performance reporting and billing . its technology is distinctive in that it provides these features from an advisor-centric point of view , allowing advisors to deepen their engagement with clients and demonstrate the value of the advisory relationship . in may 2016 , we accelerated the buyout of the remaining minority interest in our european business and made management changes to drive continued growth . we returned approximately $ 83.0 million to our stockholders through our ongoing quarterly cash dividend and stock buybacks . business segments we operate as an etp sponsor and asset manager providing investment advisory services in the u.s. , europe , canada and japan . these activities are reported in our u.s. business and international business segments , as follows : u.s. business segment : our u.s. business and japan sales office , which primarily engages in selling our u.s. listed etfs to japanese institutions ; and international business segment : our european business which commenced in april 2014 in connection with our acquisition of boost and our canadian business which launched its first six etfs in july 2016 . 39 the following charts reflect key operating and financial metrics for our businesses : u.s. business segment international business segment consolidated operating results 40 background market environment the following chart reflects the annual returns of the broad based equity indexes over the last three years . as the chart reflects , the broad based equity market indexes have been volatile since 2013. source : factset the vast majority of our global aum is in u.s. listed etfs . the u.s. etf industry also has been experiencing generally higher flows as the charts below reflect . in 2016 , domestic equities gathered the majority of net inflows for the year : source : investment company institute . 41 industry developments the etf industry is becoming significantly more competitive . there has been increased price competition in not only commoditized product categories such as traditional , market capitalization weighted index exposures , but also in fundamental or other non-market cap weighted or factor-based exposures . in addition , existing players have broadened their suite of products to offer different strategies that are , in some cases , similar to ours . lastly , large traditional asset managers are also launching etfs , some with similar strategies to ours . we do not know what effect , if any , increased price competition or the launch of these etfs may have on our business . within the etf industry , being a first mover , or one of the first providers of etfs in a particular asset class , can be a significant advantage , as the first etf in a category to attract scale in aum and trading liquidity is generally viewed as the most attractive etf . we believe that our early launch of etfs in a number of asset classes or strategies , including fundamental weighting and currency hedging , positions us well to maintain our position as one of the leaders of the etf industry . additionally , we believe our affiliated indexing or self-indexing model enables us to launch proprietary products which do not have exact competition . in april 2016 , the dol published its final rule to address conflicts of interest in retirement advice , commonly referred to as the fiduciary rule . the fiduciary rule is scheduled to become effective in april 2017. however , in february 2017 , president trump issued a presidential memorandum instructing the dol to conduct an economic and legal analysis on the rule 's potential impact . as a result , the dol has formally proposed a 60-day delay to the effective date . also in february 2017 , a texas district court upheld the rule . in response to the fiduciary rule , industry experts predicted an acceleration in the shift from commission-based to fee-based advisory models . story_separator_special_tag we had 86 u.s. listed etfs and 76 european listed products at the end of 2015 compared to 94 u.s. listed etfs , 84 european listed products and six canadian listed etfs at the end of 2016. marketing and advertising marketing and advertising expense increased 17.0 % from $ 13.4 million in 2015 to $ 15.6 million in 2016 primarily due to higher levels of advertising related activities . sales and business development sales and business development expense increased 36.4 % from $ 9.2 million in 2015 to $ 12.5 million in 2016 primarily due to higher spending on sales related activities . professional and consulting fees professional and consulting fees decreased 5.3 % from $ 7.1 million in 2015 to $ 6.7 million in 2016. this decrease was primarily due to lower fees for strategic consulting services and lower recruiting fees partly offset by fees associated with our office in canada that we established in april 2016. occupancy , communications and equipment occupancy , communications and equipment expense increased 21.2 % from $ 4.3 million in 2015 to $ 5.2 million in 2016 primarily due to technology initiatives and higher costs for our office space in japan which was opened in the second quarter of 2015 . 51 depreciation and amortization depreciation and amortization expense increased 29.7 % from $ 1.0 million in 2015 to $ 1.3 million in 2016 primarily due to expenses of our japan office that we opened in the second quarter of 2015 and higher amortization for leasehold improvements to our new york office space . third party sharing arrangements third party sharing arrangements expense increased 15.7 % from $ 2.4 million in 2015 to $ 2.8 million in 2016 primarily due to fees we pay to list our etfs on third party platforms and higher fees to our marketing agent in latin america . goodwill impairment a goodwill impairment charge of $ 1.7 million was recorded during the three months ended december 31 , 2016 , which was related to an interim impairment test performed on the goodwill recognized in connection with the acquisition of a majority stake in our european business in april 2014. see note 16 to our consolidated financial statements . acquisition payment acquisition payment expense increased 208.4 % from $ 2.2 million in 2015 to $ 6.7 million in 2016 as a result of the acceleration of the buyout of the remaining minority interest in our european business . other other expenses increased 11.7 % from $ 6.2 million in 2015 to $ 6.9 million in 2016 primarily due to expenses of our japan office that we opened in the second quarter of 2015 and increases other general and administrative expenses . income tax expense our effective income tax rate for the year ended december 31 , 2016 was 52.9 % , which resulted in income tax expense of $ 29.4 million . our tax rate differed from the federal statutory rate of 35 % primarily due to a valuation allowance on our foreign net operating losses , the acquisition payment expense and goodwill impairment charge ( both of which are non-deductible ) and state and local income taxes . our effective income tax rate for the year ended december 31 , 2015 was 41.6 % , which resulted in income tax expense of $ 57.1 million . our tax rate differed from the federal statutory rate of 35 % primarily due to state and local income taxes , foreign net operating losses and the acquisition payment expense ( which is non-deductible ) . 52 year ended december 31 , 2015 compared to year ended december 31 , 2014 overview replace_table_token_11_th our global aum increased 32.8 % from $ 39.5 billion at the end of 2014 to $ 52.4 billion at the end of 2015. this change was primarily driven by changes in our u.s. listed aum which increased 31.5 % from $ 39.3 billion at the end of 2014 to $ 51.6 billion at the end of 2015 due to $ 16.9 billion of net inflows partly offset by market depreciation . we reported pre-tax income of $ 137.2 million in 2015 , an increase of 86.5 % from 2014 primarily due to higher revenues , and we reported net income of $ 80.1 million in 2015 compared to $ 61.1 million in 2014. revenues replace_table_token_12_th advisory fees advisory fees revenues increased 63.0 % from $ 182.8 million in 2014 to $ 297.9 million in 2015 due to higher average aum primarily resulting from net inflows to our currency hedged european equity etf ( hedj ) partly offset by market depreciation . the average u.s. advisory fee earned increased from 0.52 % in 2014 to 0.53 % in 2015 due to inflows into our higher fee etfs . other income other income increased 5.5 % from 2014 to 2015. this increase was primarily due to higher interest income from our growing cash balances and higher index licensing fees partly offset by losses on foreign currencies . 53 expenses replace_table_token_13_th replace_table_token_14_th compensation and benefits compensation and benefits expense increased 78.6 % from $ 41.0 million in 2014 to $ 73.2 million in 2015. this increase was primarily due to higher accrued incentive compensation due to our record inflow levels , increased headcount related expenses to support our growth and higher stock-based compensation due to equity awards granted to our employees as part of 2014 compensation . headcount of our u.s. business segment was 101 and our international business segment was 23 at the end of 2014 compared to 143 and 34 , respectively , at the end of 2015. fund management and administration fund management and administration expense increased 24.4 % from $ 34.4 million in 2014 to $ 42.8 million in 2015. this increase was primarily due to costs associated with higher average u.s. listed aum ; printing and mailing fees as a result of additional holders of our u.s. listed etfs ; and other costs associated with additional

