Mitch J. Milias, co-founder and chairman of PRIMECAP Management Co., will relinquish his portfolio management responsibilities for the $36.2 billion Vanguard PRIMECAP Fund, the $5.8 billion Vanguard PRIMECAP Core Fund and the $574.8 million Vanguard Variable Insurance Fund's Capital Growth Portfolio at the end of 2013, confirmed Vanguard spokesman David Hoffman.
Mr. Milias will remain with PRIMECAP in a management and client relationship role. Representatives from PRIMECAP declined to comment on why Mr. Milias is stepping back.
The portions of the funds managed by Mr. Milias will be assumed by funds' co-managers, Joel P. Fried, Theo A. Kolokotrones, Alfred W. Mordecai, and M. Mohsin Ansari. A portion will also be allocated to analysts in PRIMECAP's research department.
PRIMECAP is a subadviser to Vanguard.