The Ledger
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why aren't all 76 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 1 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Jean Hynes will stop managing money to focus on her CEO role
“I have only a few more weeks of managing money and the luxury of sitting down and reading a research report and just absorbing things or coming to a close.”
Hynes: Wellington uses an oversight group to investigate alpha outliers
“We have an oversight group at the firm that looks across all of the investment platform and says, how is the whole investment platform? Are there any outliers? Are there outliers that are doing too well? Are there outliers that are doing not too well? And then…”
Hynes: Wellington manages around 250 products across 60 investment teams
“We have more products than the average asset manager. We have about 250 products and with 60 teams.”
Hynes: Wellington is the largest sub-advisor in the world
“We're the largest sub-advisor in the world, and so I would say if you think about what are strategic partnerships, those are strategic partnerships on manufacturing and distribution.”
Hynes: Wellington's $1.3T Platform Is Split Across Roughly 60 Teams
“So in our 1.3 trillion dollars, it really is approximately 60 teams across equities, across research sector teams, across fixed income, long short strategies, and now private strategies. Most are small teams of anywhere from two or three to up to 10 people tha…”
Hynes: Long-Short Strategies Will Become a Bigger Part of Wellington's Business
“I think we have every right to be a much bigger player in long short. Investing. We have been in it for 30 years. We've spent quite a bit of time in the last five of investing in that business, and so I suspect that will become a bigger part of our business go…”
Jean Hynes: Wellington Management is now open to hiring intact investment teams
“Five years ago, we might say we were only going to hire a person and then build a team around them. We're more open to hiring teams.”
Jean Hynes: Wellington candidates now undergo approximately 30 interviews
“I only had two interviews, not the typical 30 that we have now.”
Samuels: Wellington provides in-house executive coaching for senior leaders
“Wellington has a wonderful program where they are basically providing in-house executive coaching and a leadership program for managing directors and even some partners to learn about these skills, and other organizations support a coach.”
Wellington reviews 1,000+ companies to make 10 to 12 private investments annually
“We're now looking at north of a thousand companies every year, and we're probably signing NDAs with about a 150 to 200 that lead to, call it, 10 to 12 investments on average per year,”
DraftKings went public because it exhausted all available private capital
“I remember saying to Jason Robbins that I think we've tapped into all we can tap into on the private side. And I think this is going to be a really interesting company on the public side. We have an incredibly large industry of Las Vegas casinos and Macau casi…”
Wellington's late-stage fund filters for $50M+ revenue and institutional backers
“We're looking for companies that are north of fifty million dollars of revenues. We're looking for companies that have other institutional investors in the cap table at the time of our investment.”
Wellington walked away from 2021 deals demanding term sheets within days
“It's amazing the number of deals that we had to pass on in 20, 21, because we get into the data room, and the company would say, like, hey, listen, we want term sheets by Thursday, and it was Monday. Well, we don't work that way. And so we're just going to hav…”
Samuels: Prioritize Company Quality Over Job Titles Early in Career
“Don't worry about titles. Go into the best company and you'll find amazing opportunities there.”
Wellington conducted 3,100 management meetings in early COVID lockdowns
“When I touched base with them, I learned that we did 3100 meetings with company management teams during the first nine weeks of quarantine, which was about mid-March in Boston.”
Clickbait headlines are the fastest way to ruin a brand
“Clickbait effectively is a title that doesn't match
The content. It's a promise that's not delivered. And so when we title an article, it's gotta be aligned with the actual content that it's sitting over top of. There's no worse way to ruin your brand quickly …”
Hynes: Healthcare investors need broad coverage to identify where change is happening
“The key then, which is what I really believe I learned over time, is learning how to focus. So having that breath, and then knowing where change is going to happen, and then Using your research abilities to really focus in on that change, and then get all the …”
Hynes: Wellington is investing heavily in a new Investment Science group
“So one of our big areas of investment is in, we have a new group form or group coming together called investment science, and so that's a big area of investment for Wellington as a whole, and the goal of that group would be, when I think about all of those 55 …”
Hynes: Portfolio Turnover at Wellington Typically Ranges from 15% to 30%
“So my turnover in my portfolios tends to be 15 to 30%.”
Hynes: Wellington is structured as a federation of 55 distinct investment boutiques
“And the unique thing about Wellington is that it's a federation of boutiques. So We have about 55 different boutiques across equities, fixed income, multi-asset, research platforms, quant, alt-risk premia, so those are our platforms, and it's part of the globa…”
Hynes: Wellington manages over $1T, up from $50B when she joined
“We're over a trillion dollars. When I started, we were fifty billion.”
Hynes: Wellington is a rare trillion-dollar privately owned asset manager
“It's very unusual to have a trillion dollar asset manager that's also privately owned. There aren't that many of us.”
Hynes: Wellington manages $120B in healthcare, with team directly managing $65B-$70B
“Across all the Wellington products, it's about a hundred and twenty billion. So it's a large part of our equity assets. And on the team, we manage about 65 to seventy billion of those assets.”
Hynes: Wellington will expand globally, into alternatives, and into privates
“I think Wellington 10 years from now will be more global... I think we will have more alternative skills... I think we will be, in maybe third, we will have more of our assets in privates.”
Hynes: Wellington provides retired partners future economics to ease succession
“There is some future economics for retired partners, and the formula of that is why it makes it so easy for the partners to elect new partners and partners to leave.”
Jean Hynes interviewed 30 healthcare and finance CEOs to prepare for role
“And so I did a series of about 30 interviews with CEOs of healthcare companies that I had known for a long time, and financial companies, and some of our clients, and as I started those, I got to ask the same question. What do you regret, and what did you thin…”
Hynes: Wellington evaluates staff annually using 360 feedback from 10-20 peers
“Every year we have a feedback mechanism where you will have anywhere from 10 or 20 people that you work with most closely provide feedback on you. Both qualitative feedback and quantitative feedback on your skill In your recommendations over the past year, but…”
Hynes: Wellington uses a nine-month review process to elect new partners
“It's a nine-month process, a very intense, robust process to get feedback from the partnership, to get feedback from our line management on who they would nominate for partners, and then the re-managing partners are responsible for nominating partners that wil…”