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It has been nearly a century since Wellington’s founders began to establish the principles and values that still guide our firm today. Each is important, but in my estimation, the paramount legacy of our founders was keeping the client at the center of all we do — “Client, Firm, Self,” as we often put it.
This is a commitment that has guided every decision we have made as our firm has grown over time: When our clients’ needs change, we adapt and evolve to meet them. That was the case in the 1960s, when we began investing and serving clients outside the US; in the 1970s, when we took the firm private to be better aligned with our clients’ interests; in the 1990s, when we launched our first hedge fund; in the 2000s, when we built out our fixed income capabilities; and in the 2010s, when we launched our first private equity strategy.
Today, as we look ahead to a second century of serving clients and their beneficiaries, we have reached another evolutionary step in the firm’s path — building for the future of active management. I would like to share some thoughts on what’s driving the need for change, how we’re implementing and accelerating that change, and what comes next.
This past year, I’ve had the great pleasure of meeting with clients around the world — in London, Dubai, Sydney, Hong Kong, Chicago, and many points in between. I’ve heard firsthand about their goals and challenges. What they need and expect from their asset managers is changing and, in many ways, reshaping the asset management landscape:
Many of these trends have been underway for years, but they are clearly accelerating and will continue to do so in the coming years. We think this points to a very different and exciting future for active management — and we believe the firms that proactively adapt their capabilities for it today will be best equipped to help clients pursue their goals.
We are investing in our capabilities and aligning our organization and talent with clients’ shifting needs. We are also continuing to build the infrastructure, technology, and processes we need to scale our work and benefit from being a large global asset manager with capabilities across all asset classes. And we are approaching all this change with the same mindset that has guided our previous periods of evolution: We have to “go our own way” — not trying to imitate others, but rather leaning into our own distinctive strengths.
Let me highlight some of the key developments underway:
We are building for the future of active management by leveraging the core strengths of our firm. Research will remain our distinctive edge. We will continue to invest in our career research model and are thrilled with the great talent we continue to attract to our platform. We remain committed to our private partnership — it is as solid as ever and designed to support our clients and our firm through periods of challenge and change.
We also believe that our collaborative culture and our powerful investment ecosystem remain unique competitive advantages, supporting the free flow of ideas and vigorous investment debate that will be necessary to meet the expectations of our global client base and ensure that our firm remains a destination of choice for talent. Finally, and critically, we remain committed to an inclusive culture where individuals of diverse backgrounds generate unique perspectives that contribute to better investment decisions and find equitable opportunities to grow and thrive.
As we close out 2024, I wish you all the best for the new year. I look forward to spending time with my four daughters, my husband, and our extended family over the holidays, and I hope that you too will have a chance to rest and recharge.
On behalf of our entire firm, I thank you for the privilege of managing your assets.
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This material and its contents may not be reproduced or distributed, in whole or in part, without the express written consent of Wellington Management. This document is intended for information purposes only. It is not an offer or a solicitation by anyone, to subscribe for shares in Wellington Management Funds (Luxembourg) III SICAV (the Fund). Nothing in this document should be interpreted as advice, nor is it a recommendation to buy or sell shares. Investment in the Fund may not be suitable for all investors. Any views expressed are those of the author at the time of writing and are subject to change without notice. Investors should carefully read the Key Facts Statement (KFS), Prospectus, and Hong Kong Covering Document for the Fund and the sub-fund(s) for details, including risk factors, before making an investment decision. Other relevant documents are the annual report (and semi-annual report).
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