private professional fiduciary services and investment counsel to
trusts, individuals and the professionals who advise them.
“Many forms of conduct permissible in
a workaday world for those acting at arm’s length, are forbidden to
those bound by fiduciary ties. A [fiduciary] is held to something
stricter than the morals of the market place. Not honesty alone, but
the punctilio of an honor the most sensitive, is then the standard of
—Meinard v. Salmon, 249 N.Y. 458, 464 (1928) (Cardozo, J.)