One of the skippers of the Vanguard Morgan Growth Fund is stepping down later this year. Robert Rands, who has served as portfolio manager for the Wellington Management Company's portion of the fund since 1994, will retire on December 31.

Rands, 63, is a senior vice president at Wellington, which he joined in 1978. Wellington vice president Paul Marrkand, who has served as co-manager of Boston-based firm's portion of fund since last year, will take on Rands' responsibilities at the fund upon his retirement.

Wellington provides investment advisory services for about a third of the $6.4 billion fund. The Vanguard Morgan Growth Fund's other advisors are Franklin Portfolio Associates and Vanguard Quantitative Equity Group. 

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