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Two long-term Vanguard fund managers to retire


Two long-term Vanguard fund managers – Lucius T Hill and Karl E Bandtel (pictured) of Wellington Management Company – are to retire, effective June 2016.

Hill has advised the USD14.2 billion Vanguard Long-Term Investment-Grade Fund since 2008. A Senior Managing Director of the firm, he joined Wellington in 1993 and has spent more than 30 years in the investment management industry. Upon his retirement, portfolio manager Scott St. John, CFA, will assume sole responsibility for Wellington’s portion of the fund. St John, a Senior Managing Director at Wellington, joined the portfolio management team in 2014 and has worked in investment management since 1995. He earned a BS from Cornell University and an MBA from the University of Rochester.
Bandtel, a Wellington Senior Managing Director, joined the firm in 1990 and has served as a portfolio manager of the USD9.2 billion Vanguard Energy Fund since 1992. Wellington has advised the fund since its inception in 1984. As part of the planned transition, Greg LeBlanc, CFA will be added as co-portfolio manager to the Energy Fund. A member of Wellington's energy team, LeBlanc has worked closely with Bandtel since 1998. In addition, he currently manages energy and commodities portfolios for institutional investors worldwide. LeBlanc has 23 years of experience in the investment industry and joined Wellington in 1995. Prior to his current role, he served as a global industry analyst on Wellington's energy team. He graduated from Bates College with a BA in economics.
The Funds’ investment philosophy, objective, strategies, and portfolio management activities will remain the same. Both funds employ a multi-manager approach. In 2005, Vanguard Quantitative Equity Group was added to the Energy Fund's advisory team and, in 2013, Vanguard Fixed Income Group was added as an advisor to Long-Term Investment Grade Fund. Currently, 18 of Vanguard's actively managed funds are multi-managed.
Founded in 1928, Boston, MA-based Wellington Management Company is among the nation's oldest and most respected institutional investment managers. Wellington provides advisory services to 21 Vanguard mandates, representing USD313 billion in assets. As Vanguard's longest-tenured advisory team, the partnership with Wellington dates back to the launch of Vanguard's oldest fund, Vanguard Wellington Fund, in 1929. Upon Vanguard's founding in 1975, Wellington Fund became a charter member. 

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