Asset manager Vanguard has made changes to the portfolio manager line-up across 11 funds with a combined $119.4 billion in assets.
Portfolio manager Michael Roach has been taken off six funds and will move to Melbourne to be head of Vanguard's quantitative equity group (QEG) there, where he will oversee portfolio management and trading functions.
He will no longer be a manager on the:
- $2.2 billion Vanguard Market Neutral fund;
- $9.8 billion Vanguard Energy fund;
- $7.4 billion Vanguard Growth and Income fund;
- $27.8 billion Vanguard Equity Income fund;
- $6.9 billion Vanguard Strategic Equity fund;
- and the $1.7 billion Vanguard Strategic Small-Cap Equity fund.
There have been no replacements made on these funds.
Gregory Leblanc, Stetler and Guo continue to manage the Vanguard Energy fund while the Vanguard Growth and Income fund continues to be managed by Hal Reynolds, Thomas Stevens, Phillip Kearns, Stetler and Guo.
The Vanguard Equity Income fund continues to be managed by W. Michael Reckmeyer III, Stetler and Guo.
‘Our global rotational model ensures that we are constantly developing our professionals and strengthening our bench of globally-minded experts,’ said a Vanguard spokeswoman.
Additionally, Anatoly Shtekhman has been taken off the:
- $48.1 billion Vanguard Windsor II fund;
- $1.6 billion Vanguard US Value fund;
- and the $11.8 billion Vanguard Morgan Growth fund.
‘He will continue to focus on and deepen our capabilities in Alternative Strategies fund and factor strategies,’ said a Vanguard spokeswoman.
Denis Chaves and Fei Xu have also been added to the Vanguard Alternative Strategies fund and Xu has been added to the Vanguard Global Minimum Volatility fund.
The Vanguard Windsor II fund continues to be managed by Stetler and Guo, in addition to managers from the fund's four subadvisors: Barrow Hanley Mewhinney & Strauss, Lazard Asset Management, Hotchkis & Wiley Capital Management and Sanders Capital.
Stetler and Guo also continue to manage the Vanguard US Value fund in addition to the Vanguard Morgan Growth fund, which they oversee along with managers from subadvisors Wellington Management, Jennison Associates and Frontier Capital Management.
Roach’s move to Australia mirrors a similar event in March, when Yan Pu, co-head of fixed income indexing America, was promoted to head of portfolio review in Asia which saw her leave behind $58.8 billion in mutual funds.