Two senior managing directors and fund managers at Wellington Management that subadvise Vanguard Group funds, Lucius T. Hill and Karl E. Bandtel, will retire effective June 2016, said Vanguard spokeswoman Katie Henderson.
Mr. Hill has co-managed the $14.2 billion Vanguard Long-Term Investment-Grade Fund with Scott St. John, Wellington senior managing director and fund co-portfolio manager. Upon his retirement, Mr. St. John will assume sole responsibility for Wellington’s portion of the fund.
Mr. Bandtel has served as a portfolio manager of the $9.2 billion Vanguard Energy Fund since 1992. Greg LeBlanc will be added as co-portfolio manager to the Energy Fund. Mr. LeBlanc currently manages energy and commodities portfolios for global institutional investors for Wellington.
Wellington spokeswoman Sara Lou Sherman said a succession plan is in place for the senior managing director positions. Ms. Sherman declined to comment further.
Wellington Management Co. has $313 billion in assets under management. Vanguard had $3.4 trillion in AUM as of Oct. 31.