Vanguard to Close Wellington Fund to Some Investors

Vanguard Group Inc., the world’s biggest mutual-fund company, said two funds including the $68 billion Vanguard Wellington Fund won’t open new accounts for financial advisers and institutional investors.

The Wellington fund and the $39 billion Intermediate-Term Tax-Exempt Fund will remain open to new retail clients and to deposits from all existing clients, the Valley Forge, Pennsylvania-based company said today in a statement. The Wellington fund is Vanguard’s biggest actively run fund.

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To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net

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