Which founder and retired chief executive of The Vanguard Group was hired by Walter L. Morgan in 1951 and became his heir at his company?
Walter L. Morgan Walter L. Morgan (July 23, 1898 – September 2, 1998) 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. He graduated from Princeton University in 1920, and shortly thereafter became the youngest CPA 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. It 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.
Michael Novogratz Michael Edward "Mike" Novogratz (sometimes Novo, born November 26, 1964) is an ex-hedge fund manager, formerly of the investment firm Fortress Investment Group. He was ranked a billionaire by "Forbes" in 2007 and 2008.