The story
Founded by Walter L. Morgan in 1928, in Philadelphia.1
History
In 1928, Philadelphia-based accountant Walter L. Morgan established the first balanced mutual fund in the United States, the Wellington Fund. Wellington Management Company was incorporated in 1933.
In 1951, the firm hired John C. Bogle, who succeeded Morgan as chairman in 1970. In 1967, Wellington merged with Boston-based investment management firm Thorndike, Doran, Paine & Lewis. Bogle left in 1974 and established The Vanguard Group, retaining Wellington to manage some of Vanguard's funds.
In 1979, Wellington's 29 original partners bought back the firm after a period as a public company.
In 1994, Wellington offered its first Luxembourg-domiciled UCITS fund.
Also in 1994, Wellington offered its first hedge fund. Today, the firm manages alternatives assets for clients totaling over US$40 billion and offers over 40 funds.
In 2014, the firm offered its first dedicated private equity strategy.
CEO Brendan Swords held the position since 2014. In September 2020 the firm announced the selection of Jean Hynes as CEO.
The Wellington Management Foundation
The Wellington Management Foundation, a charitable fund with an educational focus, was founded in 1992. Through its annual grant-making program, the Foundation currently supports programs and organizations in nine regions, including Philadelphia, that improve the education and educational opportunities of economically disadvantaged youth. The Wellington Management UK Foundation was established in 2016 to make grants to organizations in the UK and Europe.
From Wikipedia’s article on Wellington Management Company, shared under CC BY-SA 4.0.6