The Markets October 7, 2010

Vanguard Picks New Advisers for U.S. Growth Fund

Vanguard has appointed Wellington Management Company, LLP and Delaware Investments as investment advisers to Vanguard U.S. Growth Fund.
Reported by

The two will replace AllianceBernstein L.P., which had managed approximately two-thirds of the $3.7 billion fund and had served as an adviser since 2001. Each advisory firm will manage approximately one-third of the U.S. Growth Fund, and the remaining one-third of the fund will continue to be managed by William Blair & Company, L.L.C.  

“We are confident that the new advisers, which are two of the oldest and most respected firms in the industry, will help the U.S. Growth Fund regain some of its past luster,” said Vanguard CEO Bill McNabb in a press release.  

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The announcement said Wellington Management’s Growth team will adhere to a fundamental approach and seeks to identify large-capitalization companies that offer sustainable growth potential at reasonable valuations. Wellington Management’s portion of the fund will typically be composed of 50–80 stocks and will feature capitalization characteristics similar to those of the Russell 1000 Growth Index, the benchmark for U.S. Growth Fund.  

Delaware Investments will follow a fundamental, bottom-up approach to identify large-cap companies with high growth potential. The strategy is marked by low portfolio turnover and a high concentration in holdings (approximately 25-35 stocks).
Deals & People October 7, 2010

Franklin Templeton Real Estate Advisors Announces New Hire

Franklin Templeton Real Estate Advisors (FTREA) has hired Philip F. Alfieri as Director of Investments, Real Assets.
Reported by

In this role, Alfieri will work with Joyce T. Shapiro, Managing Director, Real Assets, and the FTREA management committee to analyze, select, and invest in private real asset fund opportunities globally.   

According to a press release, Franklin Templeton Real Estate Advisors’ real assets team was established earlier this year to expand the group’s capabilities into transportation, agriculture, water, energy, and timber, utilizing the same private equity multi-manager approach employed by the team worldwide.   

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The announcement said Alfieri brings 20 years of global experience to Franklin Templeton as an investor, fund adviser, and financer of real asset investments.  Most recently, Alfieri was managing director at Infrastructure Management Group, where he led the firm’s principal investment and advisory businesses. He has also held senior positions with Global Capital Finance LLC, InnoCap LLC, Price Waterhouse LLP, and Citibank N.A.

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