Vanguard fund managed by Legg Mason

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Vanguard fund managed by Legg Mason

Post by TIAX » Mon Mar 20, 2017 9:03 am

Vanguard recently announced an advisor change to Explorer Fund and, toward the end, it states:
About ClearBridge
ClearBridge managed approximately $120 billion in assets across 32 domestic, international, global, and specialty equity strategies as of February 28, 2017. The firm is an independently managed, wholly owned subsidiary of Legg Mason, Inc.
I thought it was a bit strange that Vanguard would be using a large competitor to manage its funds.

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Re: Vanguard fund managed by Legg Mason

Post by Geologist » Mon Mar 20, 2017 9:33 am

Many of Vanguard's actively managed funds have outside advisors. These are often, but not always, competitors. Wellington Management, pretty much the oldest advisor to a Vanguard Fund, is a case in point. Vanguard Primecap is managed by a company that has its own funds too. Thus, there is nothing unusual about this.

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