Vanguard Group removed its internal quantitative equity group from the management of its $4.5 billion Vanguard Energy Fund.
The board of trustees of Vanguard's specialized funds group approved the restructuring of the fund by removing the group as an adviser, leaving subadviser Wellington Management as the sole manager, according to an SEC filing Monday.
Vanguard spokeswoman Emily Farrell confirmed the change, adding that Wellington manages about 95% of the fund's assets.
