Vanguard Is On The Move
Average isn't good enough--not for Vanguard Group's John Bogle. By Mar. 31, he'll move the management responsibility for about $184 million of Vanguard fund assets away from its longtime partner, Wellington Management. Two independent managers will pick up the chores, Bogle announced on Feb. 18. Subpar performances drove the change. "We were dissatisfied," says Bogle. The Vanguard/Morgan Growth Fund has risen just 12% annually over the past 10 years, while the S&P 500-stock index has gained 14.9% a year. The Vanguard Explorer Fund rose just 7.6%.