Wellington Management Group has filed a Form 13-G with the Securities and Exchange Commission (SEC), indicating that it controls 13.3% of Happen’s (NASDQ:HAPN) shares. Happen previously did business as LendingClub. The filing indicates it is a passive investment and does not seek control.
Wellington now holds 15,284,869 shares of Happen. The securities are owned of record by clients of Wellington’s investment advisers.
Wellington is a privately held partnership founded in 1928 and headquartered in Boston. The company manages around $1.3 trillion in client assets.
Wellington serves more than 3,000 institutions and other clients worldwide, including pension funds, endowments, insurance companies, family offices, and more. Wellington is known for its research-driven and long-term investment approach.
LendingClub Bank rebranded as Happen Bank in April. The one-time marketplace lending platform said the new name marked a “significant milestone” in its existence as a “digital bank built for the Motivated Middle.”
At the close of market today, Happen’s shares traded at around $19.65. It started the year around $19 a share and thus has been excluded from the bull market. Wellington’s investment is a bullish signal on the bank and reflects what they see as rising potential for the firm.
