(Photo: AP)

One retirement and four managers taking on new roles. Those are the changes Vanguard announced on Friday in its Fixed Income Group.

Ken Volpert, its global head of Fixed Income Indexing and head of investments Europe will be retiring in August after 26 years.

He’s being replaced by Paul Jakubowski, the current global head of Vanguard’s Taxable Credit Group, who will take over responsibility for all of Vanguard’s bond indexing operations, which total $746 billion in assets distributed among 112 mutual funds and ETFs. That’s roughly half the more than $1.4 trillion under management in Vanguard’s Fixed Income Group.

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Taking over for Jakubowski will be Christopher W. Alwine, currently the head of Municipal Investment. In addition to overseeing the active corporate bond portfolio management and trading teams in the U.S. Europe and Asia-Pacific, Alwine will be overseeing the global taxable credit research team and Stable Value Group.

Paul Malloy, currently the head of fixed income in Europe, will assume Alwine’s role leading a municipal bond team comprised of 30 professionals managing more than $183 billion in 12 municipal bond funds.

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Christopher Wrazen, who manages Vanguard’s $103.5 billion Total International Bond Index Fund and oversees a team that manages more than $200 billion in more than 20 bond index fund portfolios will become the manager of its Bond Index Group in Europe.

Josh Barrickman, head of Fixed Income Indexing- Americas will become the sole portfolio manager of nine funds, including the Total International Bond Index Fund.

All these managers have worked at Vanguard for many years Alwine since 1990, Jakubowski since 2000, Malloy since 2005, Wrazen since 2008 and Barrickman since 1998.

The management moves in Vanguard’s Fixed Income Group reflect the mutual fund giant’s “long-standing practice of periodically rotating investment professionals,” according to the company’s press release.

“We have employed rotations as a way to build global investment teams that are deep, diverse and experienced,” said Vanguard Chief Investment Officer Greg Davis, in a statement. “Along with low costs, our investment teams are a source of competitive strength and the primary driver of fund performance over time.”