question: What group was the heir to Walter L. Morgan at Wellington Management Company founder of?
answer: The Vanguard Group
context: Title: Nagrom, Washington
  Passage: Nagrom was a town in King County, Washington.  A logging company town, Nagrom was located in the Green River Watershed between Kanaskat, Washington and Lester, Washington.  The town was built by the Morgan Lumber Company and named after Elmer G. Morgan, the company founder and owner ('Nagrom' is simply 'Morgan' spelled backward).  The site was chosen for its access to timber, and suitability to build a sawmill and mill pond.  In 1910, Morgan petitioned the Northern Pacific Railway, which operated the rail line out of Puget Sound and up over Stampede Pass to build a spur into the small town.  The railway balked, but Morgan persisted and eventually the railway relented.  The spur into town was built in 1911.  A Post office was established that same year, along with a telephone and telegraph exchange.
  Title: Hogg Robinson Group
  Passage: Hogg Robinson Group is a publicly listed international corporate services organisation with headquarters in the UK.  Their brands include Fraedom, a rapidly expanding software company that specialises in expense management and advanced payment technology, HRG, a global travel management company and eWings.com, a travel management company for small to medium sized companies.  Hogg Robinson Group wholly acquired Spendvision in 2012, before rebranding it as Fraedom in 2015.
  Title: List of asset management firms
  Passage: An asset management company (AMC) is an asset management / investment management company/firm that invests the pooled funds of retail investors in securities in line with the stated investment objectives.  For a fee, the company/firm provides more diversification, liquidity, and professional management consulting service than is normally available to individual investors.  The diversification of portfolio is done by investing in such securities which are inversely correlated to each other.  Money is collected from investors by way of floating various collective investment schemes, e.g. mutual fund schemes.  In general, an AMC is a company that is engaged primarily in the business of investing in, and managing, portfolios of securities.
  Title: Waddell &amp; Reed
  Passage: Waddell & Reed Financial, Inc. () is an American asset management and financial planning company founded in 1937.  It has been a publicly traded company since 1998, and has its headquarters in Overland Park, Kansas.  It operates asset management and distribution subsidiaries, including Ivy Investment Management Company and Waddell & Reed Investment Management Company.
  Title: PowaTag
  Passage: PowaTag was a mobile payment enabling technology and mobile application by Powa Technologies.  PowaTag was launched at a March 2014 event in New York by Powa CEO Dan Wagner.  At the time of launch, more than 240 retailers were reported to have signed to use the service but later reports revealed that most of the companies had only written non-binding Letters of Intent. In February 2016 Powa Technologies entered bankruptcy and the investment company Wellington Management appointed professional services firm Deloitte as administrators of PowaTag.As part of the administration process PowaTag was sold to a consortium led by former Powa Technologies director Ben White.
  Title: Walter L. Morgan
  Passage: 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.
  Title: Mariupol Investment Group
  Passage: Management Company Mariupol Investment Group (MC MIG, LLC): (full name: Management Company Mariupol Investment Group, Limited liability company) is a management company managing assets that provide ship repair, mechanical engineering, shipbuilding, transhipment, storage of goods, logistics and forwarding services.
  Title: Wellington Fund
  Passage: The Wellington Fund was the first balanced mutual fund in the United States, and is one of the oldest surviving mutual funds.  It was established in 1928 by Walter L. Morgan with $100,000 raised from relatives and business people in Morgan's home state of Pennsylvania.  It was originally called the Industrial and Power Securities Company, but was later renamed after the Duke of Wellington.  Wellington Management Company was incorporated in 1933, and while it still manages the Wellington Fund, is a private firm, independent of Vanguard.
  Title: Wellington Management Group
  Passage: Wellington Management Group (WMG) is a private, independent investment management company.  The firm has client assets under management totalling over US$1 trillion, and serves as investment advisor for over 2,150 institutional clients in over 50 countries.
  Title: John C. Bogle
  Passage: John Clifton "Jack" Bogle (born May 8, 1929) is an American investor, business magnate, and philanthropist.  He is the founder and retired chief executive of The Vanguard Group.
citations: John C. Bogle Walter L. Morgan