Vanguard says RS Investments will no longer serve as an advisor of the $3.1 billion Vanguard Mid-Cap Growth Fund (VMGRX). The roughly 20% of fund assets that it has worked on will be advised by Frontier Capital Management, an existing fund manager.
After the change, Frontier will manage about 60% of the Vanguard Mid-Cap Growth Fund, with Wellington Management Co. continuing to manage some 40% of the fund's assets.
The firm said early Monday that it "evaluates investment advisors on such factors as the investment team, overall firm quality, philosophy and process, as well as long-term performance results. After careful consideration, Vanguard concluded that changes to the advisory structure would best serve the shareholders of the fund."
