August 12, 2010
--- Vanguard has announced the restructuring of the investment advisory arrangements for Vanguard Explorer Fund, Vanguard U.S. Value Fund, and Vanguard Market Neutral Fund. ---
AXA Rosenberg Investment Management LLC will no longer serve as an adviser under the new arrangements.
According to the announcement, for the $8.9 billion Explorer Fund, the assets previously managed by AXA Rosenberg – approximately 12% of the fund – have been apportioned to several of the fund’s six remaining advisers. The fund’s current advisory team includes Granahan Investment Management, Inc.; Century Capital Management, LLC; Kalmar Investment Advisers; Wellington Management Company, LLP; Chartwell Investment Partners, L.P.; and Vanguard Quantitative Equity Group.
For the $492 million U.S. Value Fund, the portion previously managed by AXA Rosenberg (approximately 65% of the fund) has been directed to Vanguard Quantitative Equity Group, which now serves as the sole adviser. For the $84 million Market Neutral Fund, Vanguard Quantitative Equity Group will now serve as the sole adviser, assuming responsibility for approximately 45% of the fund previously managed by AXA Rosenberg.
Following this change, 15 Vanguard equity funds continue to follow a multimanager approach, the announcement said.