Vanguard shuffles managers in bond funds

The Vanguard Group Inc. today announced several reassignments of portfolio managers in its fixed income and money market funds. The moves are part of the firm’s periodic rotation of long-time managers into new roles while at the same time expanding opportunities for other managers on the team, according to the firm. Five bond managers have new assignments: Martin Brown has assumed responsibility for the $2.4 billion Vanguard Pennsylvania Long-Term Tax Exempt Fund (VPAIX), the $723 million Vanguard Ohio Long-Term Tax Exempt Fund (VOHIX), and the $685 million Vanguard Massachusetts Tax Exempt Fund (VMATX). He also manages the $7 billion Vanguard Limited-Term Tax-Exempt Fund (VMLTX). Mr. Brown replaces John Carbone, who will continue to oversee the $3.2 billion Vanguard Insured Long-Term Tax-Exempt Fund (VILPX) and the $1.8 billion Vanguard New Jersey Long-Term Tax-Exempt Fund (VNJTX). Kathryn T. Allen will now manage the $3.4 billion Vanguard New Jersey Tax-Exempt Money Market Fund (VNJXX), taking over from Mr. Brown. She also continues to manage the $8.4 billion Vanguard California Tax-Exempt Money Market Fund (VCTXX), the $5.2 billion Vanguard New York Tax-Exempt Money Market Fund (VYFXX), and the $4.1 billion Pennsylvania Tax-Exempt Money Market Fund (VPTXX). Pamela W. Tynan will manage he $1.1 billion Vanguard Ohio Tax-Exempt Money Market Fund (VOHXX), replacing Mr. Brown. Ms. Tynan also manages the $22 billion Vanguard Tax Exempt Money Market Fund (VMSXX) and the $4.2 billion Vanguard Short-Term Tax-Exempt Fund (VWSTX). The changes are effective as of March 28. The Malvern, Pa.-headquartered fund company has nearly $1.25 trillion in assets under management.