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Vanguard today announced five key investment management appointments as part of the firm's long-standing practice of periodically rotating members of its investment management teams to broaden their experience and provide them with new responsibilities.
“We have found that there are significant benefits to our clients and our crew when we offer our investment professionals the opportunity to broaden their skill set,” said Vanguard Chief Investment Officer Tim Buckley. “In addition to offering growth and development potential to individual portfolio managers, it also enables Vanguard to build an investment team that is deep, experienced, and globally oriented. Our world-class investment management teams, along with our low costs, are sources of a great competitive strength and contribute to competitive fund performance over time.”
Among the changes:
“We have full confidence in these tenured Vanguard investment leaders and their ability to assume new responsibilities,” Mr. Buckley said.
Separately, Vanguard announced new portfolio management assignments involving 15 equity funds, 11 fixed income funds, two balanced funds and the Vanguard Target Retirement Fund series.
The changes are effective with the filing today of prospectus amendments that detail the leadership and portfolio manager assignments. The funds’ investment philosophies, objectives, strategies, and overall portfolio management processes will remain the same.
Vanguard, headquartered in Valley Forge, Pennsylvania, is one of the world’s largest investment management companies and a leading provider of company-sponsored retirement plan services. Vanguard manages nearly $2.1 trillion in U.S. mutual fund assets, including more than $260 billion in ETF assets. The firm offers more than 170 funds to U.S. investors and more than 70 additional funds in non-U.S. markets. For more information, visit vanguard.com.
All asset figures are as of January 31, 2013.
For more information on Vanguard funds, visit vanguard.com, or call 800-662-7447 to obtain a prospectus. Visit our website, call 800-662-7447, or contact your broker to obtain a prospectus for Vanguard ETF Shares. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing.
All investing is subject to risk, including possible loss of principal. Bond funds are subject to the risk that an issuer will fail to make payments on time, and that bond prices will decline because of rising interest rates or negative perceptions of an issuer's ability to make payments.
Vanguard ETF Shares are not redeemable with the issuing Fund other than in Creation Unit aggregations. Instead, investors must buy or sell Vanguard ETF Shares in the secondary market with the assistance of a stockbroker. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying and receive less than net asset value when selling.
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