Corporate statement
An update on our U.S. investment advisory structure
June 18, 2025
For 50 years, Vanguard has proudly helped millions of investors achieve their financial goals. As we look ahead—now more than 50 million investors strong—we stand firm in our commitment to delivering high-quality, low-cost investments for all.
To that end, Vanguard plans to establish two wholly owned U.S. investment advisors, Vanguard Capital Management and Vanguard Portfolio Management. Each will consist of distinct investment management teams and investment stewardship teams made up of our deeply experienced leaders and crew.
Establishing separate investment management teams will create a number of benefits for our investors and our organization, including management teams with an even deeper focus, investment teams with greater flexibility, and highly talented crew with more opportunities for growth. Additionally, the funds will benefit from streamlined operations for these high-performing teams. Vanguard's experienced portfolio managers will continue to manage the funds, with no expected impact on expense ratios or investment performance.
With a distinct investment stewardship team aligned to each advisor, Vanguard will continue to support strong corporate governance practices across our funds’ portfolios that promote long-term investment returns. In addition, we expect the investment stewardship teams’ focus on distinct portfolios to serve as another step in our long-standing work to further diversify perspectives in the proxy voting ecosystem over time.
Vanguard Fund Alignment
Within Vanguard Capital Management, Sara Devereux will continue to lead our Fixed Income Group and Rodney Comegys will lead Global Equity Index Management, responsible for various equity index solutions, including fund-of-funds as well as a full global range of index equity strategies. Within Vanguard Portfolio Management, John Ameriks will continue to lead Quantitative Equity Group, responsible for internally-advised quantitative strategies. He will also lead Strategic Equity Index Management, responsible for funds such as our U.S. sector and style box equity index strategies. These leaders will continue to report to Greg Davis, Vanguard President and Chief Investment Officer.
For information about investment advisor alignment with specific US Vanguard funds, click here.
These changes are subject to further consideration and will not be completed until 2026, with additional details and updates to be shared at a later date.
Notes:
Visit vanguard.com to obtain a prospectus, or, if available, a summary prospectus. The prospectus contains investment objectives, risks, charges, expenses, and other information; read and consider carefully before investing.
All investing is subject to risk, including the possible loss of the money you invest.
