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Vanguard makes advisory change for International Value Fund


Vanguard has made modifications to the investment advisory structure of the USD6.8bn Vanguard International Value Fund.

Hansberger Global Investors will no longer serve as an adviser under the new arrangement, and its portion of the fund (approximately 17 per cent) will be reallocated to Lazard Asset Management and Edinburgh Partners, which currently serve as advisers to the fund.

“After careful evaluation, we determined that the new investment advisory arrangement will better serve shareholders over the long term,” says Vanguard chief executive Bill McNabb (pictured). “We thank Hansberger and its investment professionals for their dedication and commitment to our shareholders over the last 12 years.”

Under the new arrangement, Lazard will manage approximately 39 per cent of the fund’s assets; Edinburgh Partners 34 per cent; and ARGA Investment Management 24 per cent. Cash investments will account for the remainder of the fund’s assets.

Vanguard International Value Fund invests in non-US companies from developed and emerging international markets, focusing on stocks that its advisors view as temporarily undervalued. The fund has followed a multi-manager approach since 2004.

The International Value Fund’s expense ratio is not expected to be affected by the advisory change.

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