Dear Friends and Clients,
Over Fiduciary’s 140-year history, a few years stand out for their importance to the Company’s clients, professionals and stockholders: the firm’s founding in 1885, the incorporation of the Massachusetts trust company in 1928, and more recently, the 2014 launch of the New Hampshire subsidiary. With the signing of an agreement with GTCR, a leading private equity firm, to acquire the Company, 2025 will be added to the list.
Early in 2025, the combination of changing competitive dynamics, future investment needs and external overtures led the Board of Directors to evaluate potential strategic opportunities. Ultimately, GTCR’s offer to acquire the Company was selected due to the strength of its financial terms, GTCR’s focus on client service and its ability to support and enhance Fiduciary’s value propositions to both clients and professionals.
Following a public announcement in September, Fiduciary’s stockholders resoundingly endorsed this next chapter in the Company’s history with 94.5% of shares voting in favor of GTCR’s proposal. The consummation of this transaction will follow regulatory approvals, which are expected early in 2026.
While this will be a material change in the Company’s ownership, we are excited about the continuity of Fiduciary as a standalone, private company focused on distinctive service to our clients. Additionally, we look forward to the financial resources and expertise that GTCR will bring to the Company.
In addition to the GTCR transaction, 2025 will be remembered for the Company’s continued client service and operating performance. The Company achieved record total revenue, and pre-tax profits, and ended the year responsible for $33 billion in client assets. Client service remained a cornerstone of the Company’s offering, with annual client retention surpassing 98%, and new business reaching a new record for the ninth time in the last 11 years.
In addition to the expansion of our comprehensive wealth management offering, the Company’s trust services provided through its New Hampshire subsidiary along with its “white glove” custody to external financial advisors continued to both grow noticeably.
We were pleased to have recruited four new Vice Presidents during 2025: Gina Marcantel as Chief People Officer; Larry Primatello as Head of Technology; Karen D’Antuono as Trust Counsel; and Elisabeth Sexton as Trust Officer. We also promoted two professionals to Vice Presidents: Jen Loring and Jim Curley.
In looking ahead to 2026, we will be launching a number of initiatives to refine our processes to further enhance our client service. We expect uncertain global investment markets and will continue to navigate them to help our clients achieve their near- and long-term goals. And, we will continue to pursue the recruitment and retention of exceptional professionals as Fiduciary has always done.
With the conclusion of this important year, I want to thank my colleagues for their extraordinary commitment to our clients and I look forward to continuing to add to the Company’s distinguished history in the many years ahead.
Best,
Austin V. Shapard
President & CEO