Vanguard drops AllianceBernstein as a subadviser for three funds

The Vanguard Group Inc. has dropped AllianceBernstein LP as a subadviser for three of its mutual funds. AllianceBernstein is no longer managing a portion of the $12.1 billion Vanguard Windsor Fund Ticker:(VWNDX), the $6.1 billion Vanguard International Value Fund Ticker:(VTRIX) or the $3.7 billion Vanguard Global Equity Fund Ticker:(VHGEX). AllianceBernstein spokesman Jonathan Freedman didn't immediately return calls seeking comment. The changes are thought to be performance-driven. The Windsor Fund, for example, has underperformed its benchmark over the most recent one-, three-, and 10-year time periods. Pzena Investment Management LLC will take over AllianceBernstein's 28% of the assets in the Windsor Fund. Wellington Management Company LLP oversees the rest. Arga Investment Management LP has been added as an adviser to the International Value Fund and will manage 21% of the fund's assets, along with Edinburgh Partners Ltd., Hansberger Global Investors Inc. and Lazard Asset Management LLC. No new advisers were added to the Global Equity Fund. Instead, Baillie Gifford Overseas Ltd. has seen its assets under advisement in the fund jump to 19%, from 13%.