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Fund Times

Fund Times: Veteran Manager of Vanguard Funds to Depart

Plus, Templeton veteran leaves, big funds fare well in subprime crisis, and more.

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 Vanguard Wellesley Income (VWINX) and  Vanguard Equity-Income  (VEIPX) manager John Ryan will leave those funds on June 30, 2008, as he takes on new duties at the London offices of subadvisor Wellington Management. He will be replaced by W. Michael Reckmeyer III, a Wellington veteran who has been with the firm since 1994, and who worked as an analyst supporting Ryan.

We're encouraged that Reckmeyer both has experience with Ryan's value-oriented, dividend-focused, approach, and that he'll be running the fund with Ryan over the next year. We expect this successful approach, long used at the two funds, should not change under Reckmeyer's leadership. Other managers who run big slices of these funds remain. Wellesley Income's fixed-income portfolio, which comprises more than half of fund assets, is run by Wellington bond veteran Earl McEvoy. Equity-Income's James Stetler of Vanguard's Quantitative Equity Group runs nearly 40% of that portfolio. While there's no question Ryan's departure will be a loss, Wellington has carried off such transitions well in the past, and should do so again. (Read more about Vanguard in our Vanguard Fund Family Report.)

Lawrence Jones has a position in the following securities mentioned above: PTTRX. Find out about Morningstar’s editorial policies.

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