Background
Morgan was born in Wilkes-Barre, Pennsylvania where he prepared at the Hillman Academy.
Morgan was born in Wilkes-Barre, Pennsylvania where he prepared at the Hillman Academy.
He graduated from Princeton University in 1920, and shortly thereafter became the youngest Certified Public Accountants in Pennsylvania. 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.
lieutenant was later renamed the Wellington Fund in honor of the Duke of Wellington.
Wellington Management Company was incorporated in Philadelphia in 1933. In 1951 Morgan hired John C. Bogle who became his heir at the company.