Rands to retire as Wellington Management senior VP

Robert D. Rands will retire Dec. 31 as senior vice president of Wellington Management and portfolio manager for the Vanguard Morgan Growth Fund, said Amy Chain, spokeswoman from Vanguard. Wellington is investment adviser for about one-third of the $6.4 billion fund. Mr. Rands, who joined Wellington in 1978, has been portfolio manager for Wellington's portion of the Morgan Growth Fund since 1994. Paul E. Marrkand, a vice president who has been co-manager of Wellington's portion of the fund since 2005, will assume Mr. Rands' responsibilities upon his retirement.