Kalmar Investment Advisers
, a Wilmington, Delaware-based firm, has landed a spot with Vanguard
. Vanguard has hired the asset manager to subadvise a portion of the $9.6 billion Vanguard Explorer Fund, joining the fund's stable of five subadvisors.
Kalmar manages $1.7 billion in institutional and retail assets. The manager also has its own mutual fund, the $370 million Kalmar "Growth-with-Value" Small Cap Fund.
Grantham, Mayo, Van Otterloo & Co. managed 28 percent -- the largest portion -- of the Explorer Fund's assets at the end of December. Vanguard's Quantitative Equity Group was not far behind with 24 percent of assets, Granahan Investment Management managed 21 percent, Wellington Management Company managed 15 percent and Chartwell Investment Partners managed seven percent. Five percent of the fund's assets were cash.
Vanguard funds are subadvised by 25 asset managers.
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