Vanguard Group has added Sprucegrove Investment Management as a subadviser on its it $9.8 billion International Value Fund.
Sprucegrove, a Toronto-based money manager with $13.8 billion in assets under management, will replace Edinburgh Partners as subadviser on the fund, and join existing subadvisers Lazard Asset Management and ARGA Investment Management, Vanguard announced in an Oct. 9 news release.
Sprucegrove will manage 35% of the fund, which was previously overseen by Edinburgh Partners, the release said.
The international value fund invests in "companies from developed and emerging markets around the world that its advisers view as temporarily undervalued by the markets," the release said. "The fund invests in large-, mid-, and small-capitalization companies and diversifies its assets in countries across developed and emerging markets."
Arjun Kumar and Shirley Woo will be named as co-managers on Sprucegrove's portion of the fund.
On Friday, a spokeswoman at Vanguard commented via email on Edinburgh Partners' termination.
A spokeswoman for Edinburgh Partners, a subsidiary of Franklin Resources, could not immediately be reached for comment.
"Vanguard conducts ongoing qualitative and quantitative reviews of our advisers, looking beyond their short-term performance record to focus on the drivers of performance. After careful consideration, it was concluded that changes to Vanguard International Value Fund's adviser structure would best serve shareholders of the fund," the spokeswoman said.
Malvern, Pa.-based Vanguard had $6.6 trillion in assets as of Aug. 31.