MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, August 12, 2010 Vanguard Tells Axa Rosenberg to Pack Up It's been a rough week for Axa Rosenberg. Thursday morning the Vanguard officials said that they are the latest fund family to drop the asset manager as a subadvisor for their funds. The move by Vanguard effects three fund: Explorer, U.S. Value and Market Neutral. Vanguard's follows a similar decision by Principal on Tuesday of this week. Unlike the Principal case where Barrow Hanley Mewhinney & Strauss replaced Axa Rosenberg, Vanguard has not added any subadvisor to replace Axa. Instead, it is reallocating the funds to the six existing subadvisors on the Explorer Fund. Vanguard Quantitative Equity Group, a Vanguard affiliate, will take over the Axa Rosenberg mandates on the remaining two mutual funds. "After careful assessment, we've decided to restructure the investment advisory arrangements for the Explorer, U.S. Value, and Market Neutral Funds," said Vanguard Chairman and CEO Bill McNabb. "AXA Rosenberg has been an advisor for Vanguard funds for more than three years, and we thank the firm and its investment professionals for their dedication, commitment, and service during that time." The six subadvisors on the Explorer fund include: Granahan Investment Management, Inc.; Century Capital Management, LLC; Kalmar Investment Advisers; Wellington Management Company, LLP; Chartwell Investment Partners, L.P.; and Vanguard Quantitative Equity Group. Printed from: MFWire.com/story.asp?s=33116 Copyright 2010, InvestmentWires, Inc. All Rights Reserved |