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Vanguard Wellington Manager to Retire

The biggest and oldest domestic hybrid fund will get a new manager at year-end.

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The lead manager of one of the largest mutual funds in the industry will retire at the end of the year.

The Vanguard Group announced Friday that Ernst von Metzsch, who has managed the $25 billion-in-assets  Vanguard Wellington (VWELX) since 1995, will retire at the close of 2002. Von Metzsch, 62, has also run the $1.6 billion  Vanguard Energy Fund (VGENX) since 1984 and manages a Vanguard balanced variable annuity account.

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