Wellington Management traces its roots back to 1928 when Walter Morgan, a Philadelphia-based accountant, established the first balanced mutual fund in the United States. Despite the great market crash of 1929, Mr. Morgan established Wellington Management as an innovator and leader in investment management. In the 1960s, four talented investment professionals took on leadership roles at the firm: W. Nicholas Thorndike, Robert Doran, Stephen Paine, and George Lewis. Together, they refocused the business and, in 1979, 29 original partners bought back the firm — believing the private form of ownership to be in the best interests of clients. This move was, at the time, both unusual and bold.
The firm opened its London office in 1983 and then began expanding internationally at an energetic pace in the mid-1990s: opening in Singapore in 1996, Tokyo and Sydney in 1997, Hong Kong in 2003, and Beijing in 2007. In 2011, the Frankfurt, Germany, office of our London-based affiliate, Wellington Management International Ltd, opened.
Today, Wellington Management has a significant presence and long-term track record in nearly all sectors of the liquid, global securities markets. Still, our history is perhaps best defined not by the number of years we've been in existence, but rather by the stability and growth that have driven our success.