Two Vanguard Mutual Fund Managers to Retire by Middle of 2016by
Wellington Management will continue to work on both funds
Wellington advises on $313 billion of Vanguard assets
Vanguard Group Inc., the world’s largest mutual fund company, said two long-time managers of the firm’s funds, Lucius T. Hill and Karl E. Bandtel, will retire as of June 2016.
Hill, a senior managing director at Wellington Management Co. in Boston, has been one of the managers of the $14.3 billion Vanguard Long-Term Investment Grade Fund since 2008. His Wellington colleague, Scott St. John, will assume sole responsibility for Wellington’s portion of the fund, Vanguard said Thursday in a statement.
Bandtel, also a senior managing director at Wellington, has worked on the $9.2 billion Vanguard Energy Fund since 1992. Greg LeBlanc of Wellington will be added to the fund as a co-portfolio manager.
Vanguard, based in Valley Forge, Pennsylvania, oversees more than $3.4 trillion. Wellington helps manage $313 billion of those assets.