Walter L. Morgan
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Walter L. Morgan (July 23, 1898 – September 2, 1998) was the founder of the
Wellington Fund {{More citations needed, date=July 2022 The Wellington Fund was the first balanced mutual fund 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 relative ...
, the first balanced mutual fund in the United States and one of the oldest surviving mutual funds. Morgan was born in
Wilkes-Barre, Pennsylvania Wilkes-Barre ( or ) is a city in the U.S. state of Pennsylvania and the county seat of Luzerne County. Located at the center of the Wyoming Valley in Northeastern Pennsylvania, it had a population of 44,328 in the 2020 census. It is the s ...
, where he prepared at the Hillman Academy. He graduated from
Princeton University Princeton University is a private research university in Princeton, New Jersey. Founded in 1746 in Elizabeth as the College of New Jersey, Princeton is the fourth-oldest institution of higher education in the United States and one of the ...
in 1920, and shortly thereafter became the youngest CPA in
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, ...
. In the 1920s Morgan raised $100,000 from relatives and business people to create what he believed to be a stable investment portfolio. The Industrial and Power Securities Company was established in 1928. It was later renamed the Wellington Fund in honor of 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 Philadelphia in 1933. In 1951 Morgan hired John C. Bogle who became his heir at the company.


References

1898 births 1998 deaths American centenarians Men centenarians {{US-business-bio-1890s-stub 20th-century American businesspeople