{{More citations needed, date=July 2022 The Wellington Fund was the first balanced

mutual fund A mutual fund is a professionally managed investment fund that pools money from many investors to purchase securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV ...

in the United States, and is one of the oldest surviving mutual funds. It was established in 1928 by Walter L. Morgan with $100,000 raised from relatives and business people in Morgan's home state of

Pennsylvania Pennsylvania (; ( Pennsylvania Dutch: )), officially the Commonwealth of Pennsylvania, is a state spanning the Mid-Atlantic, Northeastern, Appalachian, and Great Lakes regions of the United States. It borders Delaware to its southeast, ...

. It was originally called the Industrial and Power Securities Company, but was later renamed after the

Duke of Wellington Arthur Wellesley, 1st Duke of Wellington, (1 May 1769 – 14 September 1852) was an Anglo-Irish people, Anglo-Irish soldier and Tories (British political party), Tory statesman who was one of the leading military and political figures of Uni ...

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, Massachusetts, United States. The firm serves as an investment advisor to over ...

was incorporated in 1933, and while it still manages the Wellington Fund, it is a private firm, independent of Vanguard.

External links

*https://web.archive.org/web/20190815172840/http://www.vanguard.com/bogle_site/sp2004wellingtonbth.html Mutual funds of the United States

See also

External links