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Rating:Vanguard Drops Advisor To Get More William Blair Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, June 09, 2006

Vanguard Drops Advisor To Get More William Blair

Reported by Marie Glancy

Pleased with the work William Blair & Company has done on its Vanguard US Growth Fund, Vanguard has signed up the Chicago-based investment manager to help advise its $757 million Vanguard Mid-Cap Growth Fund through a multi-manager arrangement, Vanguard announced Thursday.

Meanwhile, Provident Investment Counsel, a Pasadena-based firm that had been managing 40 percent of the fund, has been taken off the case.

"We thank Provident for its contributions to the fund over the past four years," said Vanguard chairman John Brennan in the announcement.

Berwyn, Pennsylvania-based Chartwell Investment Partners, an existing advisor to the fund, will split assets evenly with William Blair. Vanguard spokesperson Melissa Nigro confirmed Provident advises no other Vangaurd funds.

She said the fund's trustees evaluate current and prospective advisors based on portfolios, investment philosophy and results, and the "strength of management teams." Based on William Blair's two-year track record at the US Growth Fund, the trustees decided to expand the managers' mandate: "They know Vanguard."  

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