Walter L. Morgan was the founder of the Wellington Fund

Wellington Fund

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 relatives and business people in Morgan's home state of Pennsylvania. It was originally called the...

, 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, Pennsylvania

Wilkes-Barre is a city in the U.S. state of Pennsylvania, the county seat of Luzerne County. It is at the center of the Wyoming Valley area and is one of the principal cities in the Scranton/Wilkes-Barre metropolitan area, which had a population of 563,631 as of the 2010 Census...

 where he prepared at the Hillman Academy. He graduated from Princeton University

Princeton University

Princeton University is a private research university located in Princeton, New Jersey, United States. The school is one of the eight universities of the Ivy League, and is one of the nine Colonial Colleges founded before the American Revolution....

 in 1920, and shortly thereafter became the youngest CPA in Pennsylvania

Pennsylvania

The Commonwealth of Pennsylvania is a U.S. state that is located in the Northeastern and Mid-Atlantic regions of the United States. The state borders Delaware and Maryland to the south, West Virginia to the southwest, Ohio to the west, New York and Ontario, Canada, to the north, and New Jersey to...

. 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

Field Marshal Arthur Wellesley, 1st Duke of Wellington, KG, GCB, GCH, PC, FRS , was an Irish-born British soldier and statesman, and one of the leading military and political figures of the 19th century...

. Wellington Management Company

Wellington Management Company

Wellington Management Company is one of the largest private, independent investment management companies in the world. The firm has client assets under management totalling over US$634 billion, and serves as investment advisor for over 1,900 institutional clients in over 50 countries. Assets are...

 was incorporated in Philadelphia in 1933. In 1951 Morgan hired John C. Bogle who became his heir at the company.