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:
Joseph Brennan, who served in Australia as the firm’s Asia
Pacific chief investment officer (CIO) since 2009, will return to the
United States to lead the Equity Index Group. Mr. Brennan, whose move
in Australia in November 2012, will oversee the investment
professionals responsible for more than 80 U.S. and international
equity index funds and ETFs, representing nearly $1 trillion in
indexed assets. Prior to his Australian post, the 12-year Vanguard
veteran managed the Portfolio Review Department, which selects
investment advisory firms, monitors funds, and develops new products.
Gregory Davis, head of the Bond Index Group since 2007, will
assume the Asia Pacific CIO role, as also announced
in November. Mr. Davis will head Vanguard Australia's team of
investment professionals, who manage equity and fixed income
portfolios available to Australian and Asian investors. Vanguard
Australia has nearly USD $64 billion in assets under management.
Josh Barrickman, a 14-year Vanguard veteran with more than ten
years of experience in bond indexing portfolio management and trading,
has assumed leadership of the Bond Index Group. He previously managed
bond index funds with aggregate assets of $90 billion and led
Vanguard’s bond ETF management process since the 2007 inception of
fixed income ETF shares. With Mr. Davis’ new role, Mr. Barrickman has
been named a manager or co-manager on 13 funds, including the flagship
$115 billion Vanguard Total Bond Market Index Fund.
John Ameriks, Ph.D, will oversee the Active Equity Group within
the Equity Investment Group. Mr. Ameriks joined Vanguard’s Investment
Counseling & Research Group (IC&R), which conducts investment research
and helps to develop the firm’s investment advice methodology, in
2003. He assumed leadership of the group in 2008 and has been closely
involved in the structure and implementation of several active and
index investment products and strategies. The Active Equity Group
manages $13 billion in quantitative equity fund assets, serving as
investment advisor to Vanguard Strategic Equity Fund and Vanguard
Strategic Small-Cap Equity, as well as managing portions of 10 other
Vanguard stock funds.
Catherine Gordon, a veteran investment professional who created
IC&R in 2001, will reassume leadership of this group, as well as help
to lead Vanguard’s initiatives on advice methodology and focus on
institutional investment thought leadership. Ms. Gordon previously
directed Vanguard Institutional Advisory Services, which provides
portfolio management and advisory services to defined benefit plans,
endowments and foundations. In addition to her advisory and research
leadership, Ms. Gordon, who joined Vanguard in 1994, spent several
years with the Portfolio Review Department.
“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
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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