The Wellington Fund was the first balanced mutual fund

Mutual fund

A mutual fund is a professionally managed type of collective investment scheme that pools money from many investors to buy stocks, bonds, short-term money market instruments, and/or other securities.- Overview :...

 in the United States, and is one of the oldest surviving mutual funds. It was established in 1928 by Walter L. Morgan

Walter L. Morgan

Walter L. Morgan was the founder of the Wellington Fund, the first balanced mutual fund in the United States and one of the oldest surviving mutual funds. Morgan was born in Wilkes-Barre, Pennsylvania where he prepared at the Hillman Academy...

 with $100,000 raised from relatives and business people in Morgan's home state of 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...

. 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

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 1933.