Vanguard Group will merge the $195 million U.S. Trustees' Equity Fund-U.S. Portfolio into the $3.6 billion Growth and Income Portfolio, subject to shareholder approval. The subadviser of the Growth and Income Fund, Franklin Portfolio Associates, would assume management of the combined entity using its quantitative equity style. Geewax, Terker, the manager of the U.S. Trustees' Equity Fund, would be terminated.
The U.S. Trustees' Equity Fund's board of trustees decided that the investment management of the two funds had become very similar over time, said Vanguard chairman and CEO John J. Brennan in a statement. A special shareholders meeting will be held in July.
