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Wellington Management Company

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Wellington Management Company
Company typePrivate
IndustryInvestment management
Founded1933; 91 years ago (1933) in Philadelphia, Pennsylvania, US
FounderWalter L. Morgan
HeadquartersAtlantic Wharf,
Boston
,
USA
Key people
Jean Hynes (CEO)
ProductsInvestment management
Mutual funds
AUMIncrease US$1.4 trillion (2022)
Number of employees
1,922 (2022)
Websitewww.wellington.com
Footnotes / references
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Wellington Management Company is a private, independent investment management firm with client assets under management totaling over US$1 trillion based in Boston, Massachusetts, United States.

The firm serves as an investment advisor to over 2,200 institutions[2] in over 60 countries, as of 30 June 2020.[3] Its clients include central banks and sovereign institutions, pension funds, endowments and foundations, family offices, fund sponsors, insurance companies, financial intermediaries, and wealth managers.[4]

History

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In 1928, Philadelphia-based accountant Walter L. Morgan established the first balanced mutual fund in the United States, the Wellington Fund.[5] 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.[6] Bogle left in 1974 and established The Vanguard Group, retaining Wellington to manage some of Vanguard's funds.[7]

In 1979, Wellington's 29 original partners bought back the firm after a period as a public company.[8]

In 1994, Wellington offered its first Luxembourg-domiciled UCITS fund.[9]

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.[10]

In 2014, the firm offered its first dedicated private equity strategy.[11]

CEO Brendan Swords held the position since 2014.[12] In September 2020 the firm announced the selection of Jean Hynes as CEO.[13]

The Wellington Management Foundation

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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.[14] The Wellington Management UK Foundation was established in 2016 to make grants to organizations in the UK and Europe.[15]

Offices

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Headquartered in Boston, the company has an office in Radnor, PA, and opened offices in London in 1983; Singapore in 1996; San Francisco, Sydney, and Tokyo in 1997, Hong Kong in 2003; Chicago in 2004; Beijing in 2007; Frankfurt in 2011; Zürich and Luxembourg in 2014; Toronto in 2018; Shanghai in 2020; Milan in 2021; Madrid in 2022, and New York in 2023.[16]

Awards and recognition

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In 2018, Wellington's Global Director of Diversity and Inclusion, Shawna Ferguson, won the Northeast Human Resources Association Individual Diversity Champion of the Year Award.[17] The firm's Private Equity Investor, Matt Witheiler, was also named to the 2018 Midas Brink List.[18] Wellington ranked #9 in Institutional Investor's 2017 annual ranking of AUM of top money managers headquartered in the US.[19] In 2016 it ranked #1 asset manager by brand awareness scores by eVestment survey.[20] Also in 2016, Citywire ranked Jean Hynes one of the top 20 female portfolio managers in the United States.[21] In 2013 and 2014 Wellington's Retirement and Pension plan was named one of the best 401K plans by BrightScope.[22] Wellington Management was named one of the leading Pan-European fund management firms in the 2014 Thomson Reuters Extel awards.[23] Jean Hynes was listed among Barron's 100 Most Influential Women in U.S. Finance in March 2020.[24] The firm was awarded the Fixed Income Manager of the Year award for 2020 by Environmental Finance.[25]

References

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  1. ^ "Wellington Management Schedule 13-F (Form ADV)" (PDF). U.S. Securities and Exchange Commission. 12 April 2022. pp. 18, 20.
  2. ^ "Wellington Management Announces Close of Biomedical Innovation Fund I at $393M". www.businesswire.com. 2019-11-18. Retrieved 2020-09-08.
  3. ^ Kerber, Ross (2008-12-04). "More job losses for Hub's financial sector". Boston.com. Retrieved 2018-04-11.
  4. ^ "Wellington Management Group LLP: Private Company Information - Bloomberg". www.bloomberg.com. Retrieved 2018-04-11.
  5. ^ "Wellington Fund Founder Dies". Journal of Accountancy. November 1998. Retrieved 9 September 2014.
  6. ^ "The Whiz Kids Take Over (Institutional Investor, January 1968)". Institutional Investor. 5 August 2012. Retrieved 2018-03-29.
  7. ^ "How Vanguard Gains From Firm That Fired Founder Jack Bogle". Bloomberg.com. 2016-03-17. Retrieved 2018-03-29.
  8. ^ "The Whiz Kids Takeover". Institutional Investor. Retrieved 9 September 2014.
  9. ^ "Wellington US Research Eq S $ Acc". Morningstar, Inc. June 30, 1994.
  10. ^ "75 Largest Hedge Funds in the World". InvestingPR.com. 2016-12-18. Retrieved 2018-03-29.
  11. ^ "Wellington gets into pre-IPO game with new fund". Fortune. Retrieved 2018-03-29.
  12. ^ CFA, Brendan Swords (2020-01-03). "Annual message from our CEO". US - Wellington Management. Retrieved 2020-08-14.
  13. ^ "Wellington Management picks new CEO". Pensions & Investments. 2020-09-01. Retrieved 2020-09-08.
  14. ^ "Wellington Management Foundation Provides $250,000 Catalyst Grant to Steppingstone Scholars in Partnership with GRASP and Penn Engineering". GRASP lab. 2015-09-30. Retrieved 2018-04-11.
  15. ^ "WELLINGTON MANAGEMENT UK FOUNDATION :: OpenCharities". opencharities.org. Retrieved 2018-04-11.
  16. ^ "Contact us". Wellington Management Company. Retrieved September 8, 2018.
  17. ^ "NEHRA D&I Gala 2018 Press Release - NEHRA". www.nehra.com. Retrieved 2018-04-17.
  18. ^ Capital, TrueBridge. "The 2018 Midas Brink List: Meet Venture Capital's Up-And-Comers". Forbes. Retrieved 2018-04-17.
  19. ^ "2017 America's top 300 money managers". Institutional Investor. 19 September 2017. Retrieved 2018-04-17.
  20. ^ "The Importance of Brand Awareness: Quantifying the Impact on Asset Manager Growth" (PDF).
  21. ^ USA, Frank Talbot, head of investment research, Citywire (2016-12-06). "Ranking America's top 20 female portfolio managers". CNBC. Retrieved 2018-04-17.{{cite news}}: CS1 maint: multiple names: authors list (link)
  22. ^ "BrightScope Top 30 401k Plans of 2014 - BrightScope Blog". blog.brightscope.com. Retrieved 2018-04-17.
  23. ^ "Thomson Reuters Announces 2014 Extel Survey Results". Retrieved 2018-04-17.
  24. ^ Nathan-Kazis, Josh. "Jean Hynes". www.barrons.com. Retrieved 2020-09-08.
  25. ^ "Fixed income manager of the year - Wellington Management - Environmental Finance". www.environmental-finance.com. Retrieved 2020-09-22.
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