“The important thing is the duration of the relationship with our customers”


Over 90 years since its inception, Wellington Management stands out for its global outlook and high position among institutional clients

Wellington Management was established in 1928 in the United States and is headquartered in Boston. it is characteristic of being a Largest Independent Global Manager, with assets under management of over $1.1 trillion (US trillion), of which 35,000 million correspond to UCITS funds. That amount of assets under management makes Wellington one of the largest in the world. The 20 Greatest Managers in the World in 2022.


More than 50% of managed assets are delegated management mandates.

Wellington began serving its first customer in Iberia in 2004

According to the stock, it is important have a local presence Able to do stay close to customersTherefore The first office in Europe was in London in 1983, and later in 2011 in Frankfurt, Zurich and Luxembourg. in 2021 they open in Milan and In 2022, in Madrid.

“The Spanish market is highly concentrated, both in terms of strategy providers and clients, with 25% of managers holding 90% of assets”, Spain sales manager says. He says he realized this when he analyzed to open the office Wellington was one of the biggest managers without a physical presence in Madrid and that is why he made the move in 2022, supported by some Assets that today exceed 1,300 million euros. This data becomes even more relevant if one takes into account that in 2017 there were 15 million dollars, which translates into a CAGR Superior Al 110% In just 6 years. “This is how we demonstrate our commitment to our customers,” Punctualiza Pedreno.

Among the strategies behind this very strong Iberian growth are Wellington Global Quality Growth and Wellington Global Healthcare Equity Fund (with net assets of more than $6,300 million and about $3,000 million, respectively), which have shown excellent performance, leading to a good subscription flow.


“We didn’t start from scratch in Italy or Spain, we already had a good amount of assets, which were higher than other managers who have been in those countries for a long time,” says Stock. He states that “due to the proximity to the client, it is essential for the local office to communicate in their language and understand the service they require. Those managers who are able to do this will gain market share and one of them is Wellington Management Is.

From Pedreno’s point of view, the Spanish fund selector shows a preparation that does not need to envy foreign selectors, especially the new generations. But not only this: the sales also reflect better preparation and an international profile. However, Spanish customers (as opposed to Portuguese) may have shorter investment horizons.

The development of Wellington Management has been organic and highly diverse.

Regarding the mergers and acquisitions process in the asset management industry, Stock comments that Wellington Management’s rapid growth has been organic, without acquiring any other companies. add that it is Highly unlikely to participate in the M&A process A unique culture, owing to the strong culture prevailing within the company.

With regard to the strong pressure on margins The downturn the industry has gone through, managers comment, has had a lot to do with the intrusion of passive management, and margins will certainly continue to be under pressure, however. Wellington has benefited him from 50% of his estate which he has under delegated management, Who suffers less from that kind of pressure. In fact, Most of the active funds offered by Vanguard are managed by Wellington Management Through those sub-management agreements, such as health, high yield, etc.

He too alternative business, which he ventured into in 1994, has allowed him to overcome This pressure, and the $30,500 million they currently manage, is still high margin territory. in Section personal property They have been growing rapidly since 2014 and have grown to approximately $7.6 billion in assets under management today.

More institutional markets tend to have more pressure on commissions. in spain 85% is wholesale or retail money, but not purely institutional, being a distribution model through Fund of Funds where the price is not negotiated downwards. According to Pedreno, delegated management became very important 20 years ago; However, pressure on margins and the growth of a Spanish client base that demands more and more global products means that some managers have limited capacity, giving fresh wind to the mandate business.

The Wellington has certain characteristics and abilities that leave it in a Strong position to further develop the business, as they are:

  • they are Shape, making him one of the largest active managers around the world.
  • your bet for brand consolidationNot limited to the institutional sector.
  • they are ownership model (Private) allows them to invest with a long-term view, attract and retain human capital.
  • they are business model It covers fixed income and variable income. But what sets them apart is that they don’t have a CIO, but each team has autonomy to make their own decisions.

Brexit has brought about a significant change in the way different European markets are accessed

Although until before Brexit, a good proportion of international managers coordinated their business activities from London (even though some had local offices in several countries), the bulk of business with passports to maintain links in several countries was done in the city. As in Germany, Italy or Spain. But that has changed now, Stock says. “With Brexit that is no longer a passport and that is why in recent years we have seen an increase in the number of companies opening offices outside the UK or recruiting staff to those offices in other markets”.

The sector that first experienced this change was trade, which quickly left London, be it Italy, Paris, Frankfurt, etc. And he says that in the asset management business there are two countries that have continued to grow and attract business and they are Luxembourg/Dublin, but also Paris. “Although London is still the financial center of Europe, there are other cities that are gaining prominence.”

There are countries that have been very fiscally active in attracting investment. One of them, according to Pedreno, is Spain with the Beckham Law. Italy and Portugal have also developed tax measures to attract wealth and generate economic growth.