Vanguard Group has added TimesSquare Capital Management as a subadviser of its International Explorer Fund, said Vanguard spokeswoman Rebecca Gill.
The firm will join Schroder Investment Management North America and Wellington Management in overseeing the $3.4 billion small- and midcap international equity fund.
TimesSquare Capital initially will manage less than 5% of the fund, with its allocation expected to grow over time. Schroders, which has managed the fund since its inception in 1996, will oversee approximately 66% of the fund. Wellington, which was added as an adviser in 2010, will manage approximately 29% of the fund with the remainder in equitized cash investments.
Magnus Larsson, senior vice president, will serve as portfolio manager of the TimesSquare sleeve of the fund.
TimesSquare Capital managed $17.2 billion in assets as of June 30; Vanguard managed $4.4 trillion.
