AXA Rosenberg added on two Vanguard Funds

The Vanguard Group Inc. today said it has added AXA Rosenberg Investment Management LLC to the advisory teams of the $12.8 billion Vanguard Explorer Fund and the $1.6 billion Vanguard U.S. Value Fund.
JUN 14, 2007
The Vanguard Group Inc. today said it has added AXA Rosenberg Investment Management LLC to the advisory teams of the $12.8 billion Vanguard Explorer Fund and the $1.6 billion Vanguard U.S. Value Fund. Malvern, Pa.-based Vanguard said that over the past two years it has moved to expand its relationships with leading investment advisory firms, engaging Lazard Asset Management, Jennison Associates, Donald Smith & Co. and Armstrong Shaw Associates Inc. to manage portions of Vanguard equity funds. Twenty six external advisers today oversee more than $350 billion, which is nearly one-third of Vanguard’s total U.S. fund assets, the company said. “We regularly review our funds’ [adviser] line-ups, evaluate talented investment advisory firms, and look for opportunities to partner with skilled money managers from around the world,” John J. Brennan, Vanguard’s chairman and chief executive, said in a statement. “AXA Rosenberg is a top-flight firm that we believe will be a good fit for both the Explorer and U.S. Value funds.” AXA Rosenberg will manage about 10% of Vanguard Explorer, and will complement the fund’s six existing advisers: Granahan Investment Management, Inc.; Grantham, Mayo, Van Otterloo & Co. LLC; Kalmar Investment Advisers; Wellington Management Company, LLP; Chartwell Investment Partners; and Vanguard Quantitative Equity Group. The fund has been closed to new investors since February 2006. Orinda, Calif.-based AXA Rosenberg will oversee about 50% of the assets of U.S. Value, which has been managed since its inception in 2000 by Grantham, Mayo, Vanguard said.

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