Wellington Management Company

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Wellington Management Company
Private limited liability partnership
IndustryInvestment management
Founded1928; 90 years ago (1928) in Philadelphia, Pennsylvania, United States
FounderWalter L. Morgan
HeadquartersAtlantic Wharf, Boston, Massachusetts, United States
ProductsInvestment management
Mutual funds
AUMIncrease US$1 trillion (2017)
Number of employees
2,227 (2017)
Websitewww.wellington.com

Wellington Management Company is a private, independent investment management firm with client assets under management totaling over US$1 trillion.

The firm serves as investment advisor to over 2,150 institutions in over 60 countries, as of 30 December 2017.[1] Its clients include central banks and sovereign institutions, pension funds, endowments and foundations, family offices, fund sponsors, insurance companies, financial intermediaries, and wealth managers.[2]

History[edit]

In 1928, Philadelphia-based accountant Walter L. Morgan established the first balanced mutual fund in the United States, the Wellington Fund.[3] 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.[4] Bogle left in 1974 and established The Vanguard Group, retaining Wellington to manage some of Vanguard's funds.[5]

In 1979, Wellington's 29 original partners bought back the firm after a period as a public company.[6]

In 1994, Wellington offered its first Luxembourg-domiciled UCITS fund.[7]

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.[8]

In 2014, the firm offered its first dedicated private equity strategy.[9]

The Wellington Management Foundation[edit]

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 9 regions, including Philadelphia, that improve the education and educational opportunities of economically disadvantaged youth.[10] The Wellington Management UK Foundation was established in 2016 to make grants to organizations in the UK and Europe.[11]

Offices[edit]

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; Zurich and Luxembourg in 2014; and Toronto in 2018.[12]

Awards and Recognition[edit]

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.[13] The firm's Private Equity Investor, Matt Witheiler, was also named to the 2018 Midas Brink List.[14] Wellington ranked #9 in Institutional Investor’s 2017 annual ranking of AUM of top money managers headquartered in the US.[15] In 2016 it ranked #1 asset manager by brand awareness scores by eVestment survey.[16] Also in 2016, Citywire ranked Jean Hynes one of the top 20 female portfolio managers in the United States.[17] In 2013 and 2014 Wellington’s Retirement and Pension plan was named one of the best 401K plans by BrightScope.[18] Wellington Management was named one of the leading Pan-European fund management firms in the 2014 Thomson Reuters Extel awards.[19]

Insider trading probe[edit]

On November 23, 2010, Wellington Management Company turned over documents solicited by U.S. federal investigators regarding an alleged case of insider trading. Wellington directors delivered the unspecified documents to investigators.[20] On December 3, 2010 the company issued a statement that the firm had been told it was not a target in the insider trading probe, nor had it been accused of any wrongdoing.[21]

References[edit]

  1. ^ Kerber, Ross (2008-12-04). "More job losses for Hub's financial sector". Boston.com. Retrieved 2018-04-11.
  2. ^ "Wellington Management Group LLP: Private Company Information - Bloomberg". www.bloomberg.com. Retrieved 2018-04-11.
  3. ^ "Wellington Fund Founder Dies". Journal of Accountancy. Retrieved 9 September 2014.
  4. ^ "The Whiz Kids Take Over (Institutional Investor, January 1968)". Institutional Investor. Retrieved 2018-03-29.
  5. ^ "How Vanguard Gains From Firm That Fired Founder Jack Bogle". Bloomberg.com. 2016-03-17. Retrieved 2018-03-29.
  6. ^ "The Whiz Kids Takeover". Institutional Investor. Retrieved 9 September 2014.
  7. ^ "Wellington US Research Eq S $ Acc". Morningstar, Inc. June 30, 1994.
  8. ^ "75 Largest Hedge Funds in the World". InvestingPR.com. 2016-12-18. Retrieved 2018-03-29.
  9. ^ "Wellington gets into pre-IPO game with new fund". Fortune. Retrieved 2018-03-29.
  10. ^ "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.
  11. ^ "WELLINGTON MANAGEMENT UK FOUNDATION :: OpenCharities". opencharities.org. Retrieved 2018-04-11.
  12. ^ "Contact us". Wellington Management Company. Retrieved September 8, 2018.
  13. ^ "NEHRA D&I Gala 2018 Press Release - NEHRA". www.nehra.com. Retrieved 2018-04-17.
  14. ^ Capital, TrueBridge. "The 2018 Midas Brink List: Meet Venture Capital's Up-And-Comers". Forbes. Retrieved 2018-04-17.
  15. ^ "2017 America's top 300 money managers". Institutional Investor. Retrieved 2018-04-17.
  16. ^ "The Importance of Brand Awareness: Quantifying the Impact on Asset Manager Growth" (PDF).
  17. ^ USA, Frank Talbot, head of investment research, Citywire (2016-12-06). "Ranking America's top 20 female portfolio managers". CNBC. Retrieved 2018-04-17.
  18. ^ "BrightScope Top 30 401k Plans of 2014 - BrightScope Blog". blog.brightscope.com. Retrieved 2018-04-17.
  19. ^ "Thomson Reuters Announces 2014 Extel Survey Results". Retrieved 2018-04-17.
  20. ^ Wee, Gillian (November 23, 2010), "Wellington Said to Get Document Request From U.S. in Insider-Trading Probe", Bloomberg
  21. ^ Toonkel, Jessica. "Wellington: Firm isn't target of insider trading probe". www.investmentnews.com. Retrieved 2018-04-09.

External links[edit]