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February 10, 2003 at 07:00 PM
Feb. 6, 2003 — Vanguard Group said it hired another outside manager, Baillie Gifford Overseas Ltd., a Scottish investment firm, to help run the Vanguard International Growth Fund (VWIGX).
Baillie Gifford, which oversees more than $30 billion for institutions, will be responsible for about 20%-25% of the assets in the $5.7 billion Vanguard fund. The remainder will be managed by Schroder Investment Management North America Inc., which has piloted the fund since its inception in 1981.
The addition of a manager “better positions” the fund “to accommodate long-term growth in assets,” Vanguard said in a statement. The move was not related to the fund’s performance, a spokeswoman for the fund company said.
Vanguard said the investment style of the International Growth fund, which looks for companies with above-average growth potential, will not change with the addition of Baillie Gifford, which also favors growth-oriented investments.
