Vanguard has replaced the advisor on its $45.5 billion U.S. Growth Fund and $1.2 billion Vanguard Variable Insurance Funds — Growth Portfolio, which are both actively managed.
The approximately 13% of the U.S. Growth portfolio that Jackson Square Partners managed has been equally divided among the three remaining managers of that fund: Jennison Associates, Wellington Management Co. and Baillie Gifford Overseas. Each of those three firms now manages 28% of the U.S. Growth Fund. The Vanguard Equity Group manages 15% of the fund, and the remainder is held in cash.
Jackson Square Partners was also replaced as the sole advisor to the Variable Insurance Funds — Growth Portfolio by Wellington Management.
