A Sense of History
The Battle of Waterloo – 200th Anniversary, June 18, 2015
The long and connected history of Vanguard and Wellington now goes back almost 87 years, to Wellington Fund’s founding on December 28, 1928.
When I worked at Wellington Management (until being dismissed as CEO on January 23, 1974), the history of the Duke of Wellington and the battles of his armies across Europe during the Napoleonic Wars were told and retold, and our offices were peppered with engravings of those encounters. “The Iron Duke” was a remarkable warrior, revered by Wellington Fund founder Walter L. Morgan and the inspiration for the Fund’s name.
I still remember the visit to our Locust Street office by the fourth (I think) Duke of Wellington, on a Saturday morning circa 1962. I was entrusted with the honor of opening the front door and welcoming the Duke, a gracious fellow whose meeting with Mr. Morgan seemed to me as natural and jolly as a reunion of two long-separated gentlemen friends.
The Wellington Name
Wellington’s history—and the Wellington name—was precious to Mr. Morgan, and became precious to me. But, in the battle to create a successor firm to Wellington Management Company that would operate Wellington Fund and its sister funds, the Fund’s directors made the decision to allow the management company to keep the “Wellington” name, rather than award it to the new firm (i.e., “The Wellington Group of Investment Companies”).
I was furious with this (to me) wrong-headed—even irrational and stupid—decision, and threatened to resign as chairman and president of the funds. But I calmed down, and was persuaded by lead independent director Charles D. Root, Jr. to stay on as the Funds’ chairman and president. Chuck Root’s challenge to me was clear: “Jack, call your new company by any name you want. And then go out and make it the finest name in the mutual fund industry.”
The Vanguard Name
I wasn’t sure what name to select for the new firm. But through a remarkable series of coincidences (most of you know the story—it’s told in several of my books and speeches—so I’ll not repeat it here), opportunity struck. Without consultation or professional assistance, I chose the name “Vanguard” for the new firm, a name not only meaning “leader in a new trend,” but closely linked to “Wellington” in British history during the Napoleonic War era.
• HMS Vanguard – Lord Nelson’s flagship at the great victory over Napoleon’s fleet at the Battle of the Nile in 1798, emblematic of the triumph of Great Britain on the seas.
• Wellington – The Iron Duke who fought Napoleon’s armies throughout Europe during the early part of the 19th century, culminating in his great triumph at the battle of Waterloo in 1815. Britain’s triumph on the land changed the course of European history.
Linking The Names
Admiral Nelson and the Duke of Wellington (Arthur Wellesley) meet only once, a meeting memorialized by a large etching, a copy of which reposes in my office. Also in my office are a matched pair of large antique prints, one showing the death of Nelson, shot by a sniper at the Battle of Trafalgar in 1872; the other showing the triumph of Wellington at Waterloo. Ironically, these two giants of the British Empire are also linked in death. Their catafalques rest adjacent to one another in the crypt at London’s magnificent St. Paul’s Cathedral.
The 200th Anniversary of Waterloo
I use this occasion to remind each member of our crew of the derivation of the two distinguished and heroic names that have defined our long existence—a fighting spirit, a commitment to our fellow crewmembers, the mission to honor our heritage.
Yes, let’s not forget our proud history; let’s keep it alive and live its values. Yes, much of our work is humble and technical, but our character and conduct must emulate the touchstones of our heritage. “Lord God of Hosts, be with us yet, lest we forget—lest we forget.” (Kipling)
Jack