Dear Friends and Clients,
2019 may be remembered as one of the more significant years in Fiduciary’s long history. Across quantitative and qualitative measures, the Company achieved material milestones in client service, operational initiatives, and financial results. We also successfully resolved our long-standing ESOP obligation and improved the Company’s private capital structure.
For our clients, the year was defined by our results on their behalf. We navigated global investment markets, assisted families with complex generational strategies, and worked to help each client achieve the success they desire. We continued to enhance our client communications, increased our client engagement, and expanded our services in donor-advised funds, ESG investing and New Hampshire trustee services. The results of these efforts contributed to maintaining our 98% annual client retention, yielded our best new business year ever, and helped drive assets under supervision to $16 billion.
The Company successfully moved its offices for the third time in its 134-year history. Migrating within an 800-yard radius from our three prior addresses, we seamlessly relocated to the newly renovated fourth floor of 53 State Street, Exchange Place. Bright, welcoming, and representing our team-oriented culture, the new offices have been revitalizing.
Financially, the Company logged its 76th year of consecutive profitability and increased its dividend for the 36th consecutive year. Significantly, the Company generated its most revenue within any twelve months. As a result, Fiduciary continued its solid margins and maintained a strong balance sheet.
In addition, the Company addressed a long-standing capital structural challenge. Following a supportive vote by Fiduciary’s private shareholders and a successful capital raise, the Company terminated its legacy ESOP (“Employee Stock Ownership Plan”). After 34 years, the ESOP was limiting our cash flow and growth. With the recapitalization completed, the Company remains a private firm owned by a diverse group of current and former employees, directors, preferred shareholders, clients, founding families, and their beneficiaries. Fiduciary remains focused on our long-term goals of private ownership, independence, and permanence.
Finally, 2019 also marked the fifth year of our multi-year reinvestment program. While many of our initial objectives have been achieved, we continue to identify and focus on new priorities that will help us maintain our reputation for excellence and our commitment to generational service.
With a significant year completed, my colleagues and I take pride in the Company’s revitalization, but are already looking forward to 2020 and to ensuring Fiduciary’s distinctiveness for years to come.
 We believe Fiduciary has been consecutively profitable since 1928—91 years—but do not have the records on profitability prior to WWII.