Vanguard announced Thursday, August 12, that AXA Rosenbwerg Investment Management will no longer serve as an advisor on three of the firm's fund products.
According to the statement, the funds' investment advisory arrangements have been restructured as follows:
? The approximately 12% of assets in the $8.9 billion Explorer Fund previously managed by AXA Rosenberg has been apportioned to several of the product's six remaining advisors.
? For the $492 million U.S. Value Fund, the approximately 65% portion previously managed by AXA Rosenberg has been directed to Vanguard Quantitative Equity Group, which will now serve as the sole advisor.
? Vanguard Quantitative Equity Group will also now serve as sole advisor for the $84 million Market Neutral Fund, taking over responsibility for the approximately 45% of assets previously managed by AXA Rosenberg.
