After five decades of housing its mutual funds and exchange-traded funds under one umbrella, Malvern-based Vanguard Group is now dividing them into two wholly owned management units, writes Jeff Blumenthal for the Philadelphia Business Journal.
Both units will report to Vanguard President and Chief Investment Officer Greg Davis.
The investment management giant said that establishing two management teams will bring several benefits for both Vanguard and its investors. The change will ensure a deeper focus from management teams and offer employees more opportunities for professional growth.
The Vanguard Capital Management unit, led by Sara Devereux and Rodney Comegys, will be in charge of index funds, fund-of-funds, and a variety of other index-based balanced funds such as Vanguard’s Target Retirement and LifeStrategy series.
Devereux will continue to manage the fixed income group, while Comegys will run the global equity index management team.
The Vanguard Portfolio Management unit, led by John Ameriks, will focus on actively managed funds and niche stock index funds. Ameriks will continue to head Vanguard’s quantitative equity and strategic equity index management groups.
The company said the “streamlined operations” will also benefit the funds directly.
Read more about Vanguard Group splitting its investment funds into two units for the benefit of the company and investors in the Philadelphia Business Journal.
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