Wellington Management Company

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

Wellington Management Company
TypePrivate limited liability partnership
IndustryInvestment management
Founded1933 (1933) in Philadelphia, PA, US
FounderWalter L. Morgan
HeadquartersAtlantic Wharf,
Boston
,
United States
Key people
Brendan Swords (CEO)
ProductsInvestment management
Mutual funds
AUM US$1 trillion (2017)
Number of employees
2,227 (2017)
Websitewww.wellington.com

The firm serves as investment advisor to over 2,200 institutions[1] in over 60 countries, as of 30 June 2020.[2] Its clients include central banks and sovereign institutions, pension funds, endowments and foundations, family offices, fund sponsors, insurance companies, financial intermediaries, and wealth managers.[3]

History

In 1928, Philadelphia-based accountant Walter L. Morgan established the first balanced mutual fund in the United States, the Wellington Fund.[4] 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.[5] Bogle left in 1974 and established The Vanguard Group, retaining Wellington to manage some of Vanguard's funds.[6]

In 1979, Wellington's 29 original partners bought back the firm after a period as a public company.[7]

In 1994, Wellington offered its first Luxembourg-domiciled UCITS fund.[8]

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.[9]

In 2014, the firm offered its first dedicated private equity strategy.[10]

CEO Brendan Swords held the position since 2014.[11] In September 2020 the firm announced the selection of Jean Hynes as CEO.[12]

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 9 regions, including Philadelphia, that improve the education and educational opportunities of economically disadvantaged youth.[13] The Wellington Management UK Foundation was established in 2016 to make grants to organizations in the UK and Europe.[14]

Offices

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; Toronto in 2018; Shanghai in 2020.[15]

Awards and Recognition

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

Insider trading probe

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.[25] 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.[26]

References
  1. "Wellington Management Announces Close of Biomedical Innovation Fund I at $393M". www.businesswire.com. 2019-11-18. Retrieved 2020-09-08.
  2. Kerber, Ross (2008-12-04). "More job losses for Hub's financial sector". Boston.com. Retrieved 2018-04-11.
  3. "Wellington Management Group LLP: Private Company Information - Bloomberg". www.bloomberg.com. Retrieved 2018-04-11.
  4. "Wellington Fund Founder Dies". Journal of Accountancy. Retrieved 9 September 2014.
  5. "The Whiz Kids Take Over (Institutional Investor, January 1968)". Institutional Investor. Retrieved 2018-03-29.
  6. "How Vanguard Gains From Firm That Fired Founder Jack Bogle". Bloomberg.com. 2016-03-17. Retrieved 2018-03-29.
  7. "The Whiz Kids Takeover". Institutional Investor. Retrieved 9 September 2014.
  8. "Wellington US Research Eq S $ Acc". Morningstar, Inc. June 30, 1994.
  9. "75 Largest Hedge Funds in the World". InvestingPR.com. 2016-12-18. Retrieved 2018-03-29.
  10. "Wellington gets into pre-IPO game with new fund". Fortune. Retrieved 2018-03-29.
  11. CFA, Brendan Swords (2020-01-03). "Annual message from our CEO". US - Wellington Management. Retrieved 2020-08-14.
  12. "Wellington Management picks new CEO". Pensions & Investments. 2020-09-01. Retrieved 2020-09-08.
  13. "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.
  14. "WELLINGTON MANAGEMENT UK FOUNDATION :: OpenCharities". opencharities.org. Retrieved 2018-04-11.
  15. "Contact us". Wellington Management Company. Retrieved September 8, 2018.
  16. "NEHRA D&I Gala 2018 Press Release - NEHRA". www.nehra.com. Retrieved 2018-04-17.
  17. Capital, TrueBridge. "The 2018 Midas Brink List: Meet Venture Capital's Up-And-Comers". Forbes. Retrieved 2018-04-17.
  18. "2017 America's top 300 money managers". Institutional Investor. Retrieved 2018-04-17.
  19. "The Importance of Brand Awareness: Quantifying the Impact on Asset Manager Growth" (PDF).
  20. USA, Frank Talbot, head of investment research, Citywire (2016-12-06). "Ranking America's top 20 female portfolio managers". CNBC. Retrieved 2018-04-17.
  21. "BrightScope Top 30 401k Plans of 2014 - BrightScope Blog". blog.brightscope.com. Retrieved 2018-04-17.
  22. "Thomson Reuters Announces 2014 Extel Survey Results". Retrieved 2018-04-17.
  23. Nathan-Kazis, Josh. "Jean Hynes". www.barrons.com. Retrieved 2020-09-08.
  24. "Fixed income manager of the year - Wellington Management - Environmental Finance". www.environmental-finance.com. Retrieved 2020-09-22.
  25. Wee, Gillian (November 23, 2010), "Wellington Said to Get Document Request From U.S. in Insider-Trading Probe", Bloomberg
  26. Toonkel, Jessica. "Wellington: Firm isn't target of insider trading probe". www.investmentnews.com. Retrieved 2018-04-09.
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