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Vanguard finally decided it was time to intervene at the woeful Vanguard U.S. Growth
In an effort to turn around more than a decade of futility, Vanguard has replaced AllianceBernstein
Wellington Management and Delaware Investments will split the portion of the $3.7 billion portion of U.S. Growth fund that AllianceBernstein had run since 2001. At least initially, Wellington, Delaware, and William Blair will each run one third of the fund.
Andrew Shilling, who has run the Hartford Growth
A well-traveled team from Delaware US Growth
The Delaware team, which includes Daniel Prislin, Christopher Bonavico, and Christopher Ericksen, has achieved better absolute and relative results at the mid-cap-focused Delaware Select Growth
In the William Blair portion of the fund, James Golan and Tracy McCormick, who have been with the firm since the early 2000s, will take over from John Jostrand when he steps down at the end of the year. Jostrand has run about a third of U.S. Growth since April 19, 2004, but is going to focus on his other fund, William Blair Growth
Vanguard removed AllianceBernstein due to an ''accumulation of circumstances,'' said Dan Newhall, head of the family's portfolio review group that selects and monitors active managers. Newhall would not enumerate those circumstances, but AllianceBernstein and its large-cap growth team in particular have been in flux in recent years. There have been numerous manager changes on AllianceBernstein's slice of the fund, most recently the June 30, 2010, retirement of Jim Reilly after just two years at U.S. Growth. There also has been turnover in the analyst and executive ranks at the firm, as well as continual tinkering with the tools and methods of its growth research effort.