Vanguard has added Stephens Investment Management Group as a manager of the $11.4 billion Vanguard Explorer Fund. With the addition of Stephens, the Explorer Fund now has seven managers.
Ryan Crane, chief investment officer of Stephens, will serve as portfolio manager.
Emily White, a spokeswoman for Vanguard, declined to disclose exactly how much of the fund Stephens will manage other than to say the firm will receive a portion of cash flows and assets from one or more of the fund's current subadvisers.
According to the fund's April 30 semiannual report, the allocation of assets among the other subadvisers was: Wellington Management, 29%; Granahan Investment Management, 24%; Kalmar Investment Advisers, 23%; Century Capital Management, 9%; Chartwell Investment Partners, 9%; and Vanguard Equity Investment Group, 4%; with the remaining 2% in cash.
This is the first Vanguard advisory mandate for Stephens, which has more than $1.5 billion in assets under management.