Aug. 8, 2003 — Vanguard Group has fired Newell Associates, which had helped run the $2.6 billion Vanguard Equity Income (VEIPX) since its inception 15 years ago, and begun managing part of the portfolio in-house.
Vanguard said its Quantitative Equity Group will oversee 30% of the fund’s assets. Wellington Management Co., which had been responsible for 30%, will now handle 50%. The fund’s other outside manager, John A. Levin & Co., continues to manage 20%. Newell had managed 50% of the assets.
Vanguard chairman John J. Brennan said in a prepared release that the company believes the fund’s revamped management team “offers the best combination of investment approach, expertise and resources to serve shareholders going forward.”