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Money Management

Vanguard rotates senior fixed-income management team

Paul M. Jakubowski
Paul M. Jakubowski

Paul M. Jakubowski was named principal, global head of fixed-income indexing and head of investments – Europe at Vanguard Group.

He is replacing Kenneth E. Volpert, principal, who will retire in August after 26 years at the firm.

Mr. Jakubowski will oversee Vanguard's bond index strategies worldwide, which encompasses $746 billion managed in 112 funds and exchange-traded funds.

Mr. Jakubowski will move to London from the firm's Malvern, Pa., headquarters, said Emily Farrell, a company spokeswoman.

Christopher W. Alwine, principal, will replace Mr. Jakubowski as global head of the firm's taxable credit business.

Mr. Alwine was head of municipal investments and will be replaced in that role by Paul M. Malloy, principal.

Mr. Malloy was head of fixed income in Europe and will return to the U.S. from London, Ms. Farrell said. Christopher E. Wrazen, portfolio manager, will move to London to replace Mr. Malloy to head fixed income in Europe.

Mr. Wrazen co-managed nine fixed-income portfolios with Joshua C. Barrickman, including the $103.5 billion Vanguard Total International Bond index.

On April 2, Mr. Barrickman, principal and head of fixed income indexing – Americas, will become the sole portfolio manager of the nine funds.

The management changes will be completed by September, Ms. Farrell said.

Rotation of managers within Vanguard's investment teams is a regular practice, said Gregory Davis, managing director and chief investment officer, in a news release.

"We have employed rotations as a way to build global investment teams that are deep, diverse and experienced. Along with low costs, our investment teams are a source of competitive strength and the primary driver of fund performance over time," Mr. Davis said.

Vanguard has more than $5 trillion in assets under management.