Longtime portfolio manager of two Vanguard funds, Richard Foulkes of Schroder Investment Management, plans to retire at the end of October.

Virginie Maisonneuve and Matthew Dobbs of Schroders will jointly take over management of the Vanguard International Growth Fund and the Vanguard Variable Insurance Fund from Foulkes starting November 1.

Foulkes, a vice chairman at Schroders, has managed the International Growth Fund since 1981 and the VVIF-International Portfolio since 1994.

According to Morningstar, Vanguard changed the management of the International Growth Fund to a multi-manager style in February of 2003, shifting 20 percent of the fund's assets to Scottish manager Baillie Gifford. The fund currently has $9.7 billion in assets under management.  

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