MiB: Jean Hynes, Wellington Management’s (incoming) CEO
This week, we speak with Jean Hynes, incoming CEO of Wellington Management. The firm has over $1 trillion client assets under management. Hynes also runs the $51B Vanguard Healthcare Fund – the country’s largest health care fund.
She discusses how she started at Wellington as an administrative assistant, working with the legendary health care fund manager Edward Owens, who has been called “the best investor you’ve never heard.” When Owens retired in 2012, she took over the fund, which is the nations largest health care fund.
We discuss what her experience was like when she became one of Wellington’s three managing partners in 2014 – giving her experience with identifying how all aspects of the firm was managed. She was so successful, that she will be the firm’s 5th CEO in June of this year. She will be only one of only two female CEOs of large asset managers. She notes the “novelty” of female CEOs should wear off as more women across all industries gain more experience running part of their businesses, there will likely be many more female CEOs a decade hence.
Hynes will also continue to run the Vanguard Healthcare Fund while CEO, an unusual combination, but one made possible by the deep team she has assembled at both the fund and the firm.
Be sure to check out our Masters in Business next week with William J. Bernstein, Ph.D., M.D. He is a retired neurologist, principal in the money management firm Efficient Frontier Advisors, and author of several best-selling books on finance and history. He was the winner of the 2017 James R. Vertin Award from CFA Institute. His new book The Delusions Of Crowds: Why People Go Mad in Groups is published this week.