is reviewing its relationship with Axa Rosenberg
, which sub-advises three of its funds, in the wake of a coding error,
"We're taking a very hard look at that relationship, but we're still in fact-finding mode," Vanguard spokeswoman Rebecca Katz told Bloomberg.
Axa Rosenberg manages $1 billion of the $9.28 billion Vanguard Explorer Fund, $525 million of the U.S. Value Fund and roughly $34 million of the $70.6 million Market Neutral Fund.
A coding error disrupted Axa Rosenberg's process for selecting investments in June of last year. Senior officials at Axa Rosenberg did not report the error, which was fixed between September and November,
according to a letter Axa Rosenberg sent to clients on April 15.
Axa Rosenberg's founder, Barr Rosenberg, is taking a leave of absence for 30 days and Thomas Mead, director of research, will resign within a year.
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