The first quarter of 2022 was painful for financial markets and heartbreaking for those watching the tragic events unfolding in Ukraine. The bond market massacre, beginning last year, accelerated with 10-year U.S. Treasury yields jumping to 2.32% from a low of 0.51% in early August 2020.
We welcome this group of highly experienced individuals from diverse backgrounds who will help cultivate and develop Wellesley Asset Management’s promising future. Wellesley Asset Management will meet regularly with the Board to further understand market trends and methods to implement new systems, technologies, and processes. We remain steadfast in our goal to build upon and improve client service and our investment acumen. As we grow beyond the $3B Regulatory Asset under Management mark and increase employee headcount to well over thirty-five, we look forward to the next thirty years of success as a firm and servicing our clients.