Pleased with the work William Blair & Company
has done on its Vanguard US Growth Fund
has signed up the Chicago-based investment manager to help advise its $757 million Vanguard Mid-Cap Growth Fund
through a multi-manager arrangement, Vanguard announced
Meanwhile, Provident Investment Counsel
, a Pasadena-based firm that had been managing 40 percent of the fund, has been taken off the case.
"We thank Provident for its contributions to the fund over the past four years," said Vanguard chairman John Brennan
in the announcement.
Berwyn, Pennsylvania-based Chartwell Investment Partners
, an existing advisor to the fund, will split assets evenly with William Blair. Vanguard spokesperson Melissa Nigro confirmed Provident advises no other Vangaurd funds.
She said the fund's trustees evaluate current and prospective advisors based on portfolios, investment philosophy and results, and the "strength of management teams." Based on William Blair's two-year track record at the US Growth Fund, the trustees decided to expand the managers' mandate: "They know Vanguard."
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