Wellesley Asset Management, Inc.

What Wellesley Asset Management, Inc. does

Wellesley Asset Management, Inc. is a Portsmouth, New Hampshire-based registered investment advisor founded in 1991 by Greg Miller, specializing in actively managed convertible bond portfolios. The firm manages approximately $2 billion in convertible securities for high-net-worth and ultra-high-net-worth individuals, family offices, registered investment advisors, banks, wirehouses, pensions, and financial advisors nationwide. Core offerings include customized separately managed accounts (SMAs), mutual funds, private funds, and, as of March 2026, the Miller Convertible Total Return ETF (MCVT) listed on NYSE Arca. The firm also acquired Halbert Wealth Management in September 2025 to broaden its wealth-management footprint.

The investment approach is centered on convertible bonds, convertible arbitrage, alternative fixed income, liquid alternatives, hedge funds, and structured notes, marketed as a structural alternative to traditional 60/40 allocations. Portfolio leadership is unusually deep for a boutique: Founder Greg Miller (35+ years), CIO David Clott (former founder of Aviva Investors' Global Convertible Bond Strategy and multiple convertible arbitrage hedge funds), and Senior PM James Buckham (30+ years across Deutsche Bank and Fidelity convertibles desks). Operations are supported by an executive team including President Dawn Baillie (ex-John Hancock/Manulife), COO Dennis Godin (ex-Fidelity/Vestmark), CCO/General Counsel Steven Rawlings (20-year SEC veteran), Head of Sales Jay Russo, and EVP Private Client Group Joseph M. Buscaino.

The business model is a percentage-of-AUM advisory fee on approximately $2 billion in managed assets, distributed through a Private Client Group, a registered-investment-advisor and wirehouse intermediary network, and the newly launched MCVT ETF. The firm is founder-owned and controlled (no disclosed funding rounds, institutional investors, or parent company), headquartered at 100 Market Street, Suite 300, Portsmouth, NH, with 11–50 employees.

Name

Wellesley Asset Management, Inc.

Legal name

Wellesley Asset Management, Inc.

Website

https://wellesleyinvestment.com

Company type

Private

Founded year

1991

Operating status

Operating

Headcount range

11–50 employees

Short description

Wellesley Asset Management is a Portsmouth, NH-based investment advisor founded in 1991 that manages approximately $2 billion in actively managed convertible bond portfolios for high-net-worth individuals, institutional clients, RIAs, and financial advisors through SMAs and the MCVT ETF.

Ownership category

akta.pro rank

Product category

Investment Management (Convertible Bonds)

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259), Other Financial Investment Activities (5239)

SIC

Investment Advice (6282)

akta.pro primary industry

Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG)

Keywords

• Convertible bond management
• Investment advisory services
• Wealth management
• Separately managed accounts
• Asset management

Headquarters

HQ city

Wellesley

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Investment Advisory Fees: Wellesley Asset Management generates revenue through investment advisory fees based on assets under management (AUM). The firm manages separately managed accounts (SMAs), mutual funds, private funds, and ETFs for high-net-worth clients, institutional investors, and financial advisors. Revenue is derived from a percentage of AUM, aligning firm interests with client portfolio performance.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

Wellesley Asset Management is an investment advisory firm that actively manages convertible bond portfolios for high-net-worth individuals, ultra-high-net-worth clients, registered investment advisors, banks, pensions, wirehouses, and financial advisors. The firm offers separately managed accounts (SMAs), mutual funds, private funds, and the Miller Convertible Total Return ETF (MCVT), with approximately $2 billion in convertible bonds under management.

Product overview

Wellesley Asset Management is an investment advisory firm offering a unified suite of investment products focused on convertible bonds. The core offerings include the Miller Convertible Total Return ETF (MCVT), an actively managed ETF traded on NYSE Arca, and SMA Convertible Bond Portfolios for separately managed accounts. The company also acquired Halbert Wealth in 2025. Together these products serve high-net-worth individuals, institutional clients, and financial advisors with approximately $2 billion in convertible bonds under management, emphasizing capital preservation, income, and capital appreciation.

Differentiator

Problem solved

Functional benefit

Products and services

• SMA Convertible Bond Portfolios
• Miller Convertible Total Return ETF (MCVT)
• Wellesley Mutual Funds and Private Funds

Quantifiable outcome

• Q1 2026: Client SMA convertible bond portfolios delivered slightly positive returns compared to equities declining over 4% and bonds broadly flat

Named customers7 records

Segments6 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Halbert WealthmajorOthers · 23 September 2025Wellesley Asset Management announced the acquisition of Halbert Wealth on September 23, 2025. This acquisition represents a significant expansion of Wellesley's wealth management capabilities and client base.

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Calamos Asset Management: Calamos is one of the most established US convertible bond managers with a long-running mutual fund and ETF suite built around the same asset class. Like Wellesley, it targets HNW, RIA, and institutional clients with convertible and alternative income strategies, making it a closely comparable specialist peer.
• Advent Capital Management: Advent is a boutique convertibles and credit manager serving institutional and intermediary clients through convert, balanced, and arbitrage strategies. Its product mix and SMA/mutual fund structure directly parallel Wellesley's SMA convertible book and institutional focus.
• MainStay MacKay Convertible Fund: MainStay MacKay's convertibles franchise (within New York Life Investments) is one of the largest dedicated convertible strategies distributed via intermediaries. It competes with Wellesley in the same advisor and institutional channels with the same asset class.
• SPDR Bloomberg Convertible Securities ETF (CWB): CWB is the dominant passive convertible bond ETF and the most direct exchange-traded comparable to Wellesley's newly launched MCVT. It competes for the same ETF wallet in RIA and retail brokerage accounts.
• Zais Group: Zais Group is a boutique credit and convertibles specialist running institutional and intermediary strategies with a similar size and channel profile to Wellesley. It is a relevant specialty peer for convertible and structured credit mandates.

Broad incumbents

• Federated Hermes (Convertible Securities): Federated Hermes offers a convertible securities fund as part of a much broader fixed income and equity platform. It competes with Wellesley in intermediary channels but at greater scale and product breadth, making it a broad incumbent comparable.
• Allspring Global Investments (Convertible team): Allspring runs a dedicated convertible bond strategy within a large multi-affiliate fixed income platform. Like Federated Hermes, it competes head-to-head with Wellesley for intermediary and institutional convertible allocations but with broader scale.
• Fidelity Investments (Convertible Securities Fund): Fidelity offers a convertible securities fund within a massive retail and intermediary distribution platform. It is a broad incumbent competitor for convertible allocations sourced through Fidelity's captive RIA and brokerage channels.
• Virtus Investment Partners (convertible strategies): Virtus affiliates offer convertible and multi-sector credit strategies distributed through intermediary channels. Like other multi-affiliate platforms, it competes for the same advisor wallet as Wellesley but with a wider product shelf.

Emerging players

• Alerian convertibles ETFs: Alerian and other smaller convertible-focused ETF sponsors compete directly with MCVT in the exchange-traded convertible space, but with more limited AUM and distribution. They represent emerging peers in Wellesley's newest distribution channel.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Wellesley Asset Management, Inc.