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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