OUR DIVERSIFIED FINANCIAL SERVICES COMPANY is built on a distinct business model with two differentiated brands, individually focused on skilled asset management and personalized wealth management services, both offering exceptional client support. At our foundation is a values-based, purpose-driven company culture focused on innovation and growth. AS WE ENTER 2020, the financial industry arguably faces more change and disruption than it has seen in decades. From fee pressures, to firm consolidation with a focus on ever-increasing scale, to growing interest in corporate responsibility, rapid change is evident in all facets of our business. Amidst all the change, 2019 was an exceptional performance year for the financial markets broadly, as stocks around the world turned in one of the strongest years in the last decade. Together, stocks and bonds saw their largest simultaneous gains in more than two decades. Despite the strong market performance and solid economic fundamentals, investors remained somewhat cautious in the face of global growth fears and geopolitical uncertainty. Flows across the industry in 2019 were weighted toward fixed income products and passively-managed index funds at the expense of active equity products.