We are pleased to share with you the 2014 annual report for Brown Advisory. The purpose of this report is to provide an update on the firm's performance as a business and its financial condition. As important, we use each year's annual report to continue the dialogue with our clients, our shareholders and our colleagues about the mission of Brown Advisory and the steps that we are taking to strengthen further our team, infrastructure and the client experience.

We believe that we made great progress at Brown Advisory during 2014 in pursuit of our ongoing mission to build an investment and strategic advisory firm with one purpose—to deliver to our clients first-rate investment performance, creative and thoughtful strategic advice, and the highest level of client service.