The Vanguard Group removed John A. Levin & Co. Inc. as one of the managers of its $4.3-billion Vanguard Equity Income/Investor (VEIPX).
Under the new structure, current advisors Wellington Management Co. LLP and Vanguard Quantitative Equity Group have assumed responsibility for the $800-million portion of the fund previously managed by Levin.
Wellington Management remains lead advisor, overseeing 60% ($2.6 billion) of the fund's assets. Vanguard manages the remaining 40% ($1.7 billion).
Vanguard noted that the fund's expense ratio is expected to "decline marginally" as a result of the changes to its management structure.
Ranked 3 Stars by Standard & Poor's, Vanguard Equity Income gained 12.6% for the 12-month period ended August 31, versus a 14.2% for the average large-cap value fund.Contact Bob Keane with questions or comments at: firstname.lastname@example.org.