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Fund Times

Veteran Growth Managers Leave AllianceBernstein, Vanguard

Plus, what a difference a decade makes, and more.

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Jim Reilly and his brother Mike Reilly are leaving AllianceBernstein at the end of June. Both are part of the team managing  AllianceBernstein Large Cap Growth (APGAX), which owns a mixed long-term record but has been a solid performer in recent years. Current comanager Scott Wallace will take over Jim Reilly's duties as team leader, while the other five team members will remain. Jim Reilly and the team had taken over the fund following the February 2006 departure of Thomas Kamp.

The change also affects  Vanguard U.S. Growth (VWUSX). The team shares subadvisory duties on the fund with John Jostrand of William Blair. Jim Reilly and the Large Cap Growth team replaced AllianceBernstein's Alan Levi on the fund less than two years ago. In that time, the fund has trailed both the large-growth category and the Russell 1000 index.

Courtney Goethals Dobrow does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.