Our History
A Distinguished History…A Bright Future
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.
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.
Wellington Management Timeline
Stability & Growth Over Time
1928-1939
1928- Walter Morgan raises $100,000 and forms the first US balanced mutual fund - Wellington Fund
- US stock market loses 20% of its value in one month
- The Great Depression begins
- Wellington Management Company is incorporated in Philadelphia, Pennsylvania, home of Wellington Fund
1940-1959
1944- Fixed exchange rates
- World War II ends
- .Wellington Management launches its first equity-only fund
- The daily Morning Meeting enters the investment process
1960-1969
1960- Wellington Management Company offers stock to the public
- Non-US equities are added to US equity portfolios
- First pension account under management
- Wellington Management merges with Thorndike, Doran, Paine and Lewis, a Boston investment counseling firm
- First endowment client
- First client outside of the US
1970-1979
1976- Wellington Management starts managing US money market funds
- First general account insurance assignment
- Management of the first mortgage-backed (GNMA) securities fund
- Wellington Management converts to a private Massachusetts partnership
1980-1989
1982- Wellington Trust Company, NA formed
- Institutional commingled funds established
- First non-US office opens in London
- First industry (sector) funds under management
- Black Monday stock market drop
- Berlin Wall falls
1990-1999
1991- Management of Japan's first retail US dollar money market fund
- First offshore commingled funds established
- Wellington Hedge Management formed
- Singapore office opens
- Sydney, Tokyo and San Francisco offices open
2000-present
2003- Hong Kong office opens
- Chicago, Illinois office opens
- Beijing Representative Office
- Over US$550 billion of client assets under management worldwide
- Clients in over 40 countries
- Approximately 2000 employees in 11 offices