An update on our U.S. investment advisory structure

To that end, Vanguard has completed a multiyear effort to establish two wholly owned U.S. investment advisors, Vanguard Capital Management and Vanguard Portfolio Management. Each consists of distinct investment management teams and independent investment stewardship teams made up of our deeply experienced leaders and crew.

Establishing separate investment management teams also creates 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.

The independent investment stewardship teams aligned to each advisor will continue to support corporate governance practices across our funds’ portfolios that focus on maximizing financial returns. In addition, we expect the distinct focus of these two new investment stewardship teams to serve as another step in our long-standing work to further diversify perspectives in the proxy voting ecosystem over time. 

Within Vanguard Capital Management, Rodney Comegys is chief investment officer and Head of Global Equity, responsible for various equity index solutions, including fund-of-funds and a global range of equity index strategies. Sara Devereux is chief investment officer and Global Head of Fixed Income. Within Vanguard Portfolio Management, John Ameriks is chief investment officer and Head of Quantitative and Strategic Equity, responsible for internally advised quantitative strategies and funds consisting of our U.S. sector and style box equity index strategies.

For information about investment advisor alignment with specific US Vanguard funds, click here.