Toronto-based Sprucegrove Investment Management has become an external advisor for Vanguard, adding to its active management expertise, Vanguard said Friday.
The boutique asset manager, which has $13.8 billion in assets under management, joins Lazard Asset Management and ARGA Investment Management in overseeing the $9.8 billion Vanguard International Value Fund (VTRIX, with a 0.37% net expense ratio).
Sprucegrove is managing the 35% of the fund previously overseen by Edinburgh Partners, Vanguard said. Arjun Kumar and Shirley Woo are co-managing Sprucegrove’s portion of the fund.
Vanguard didn’t specify when and why Edinburgh stopped being a manager of the fund and did not immediately respond to a request for comment.