Vanguard Group hired four new subadvisers for its domestic value equity funds, spokeswoman Jessica Emery said.
The money manager hired Aristotle Capital Management as an additional subadviser for its $47.5 billion Windsor II Fund (managing $9.5 billion of the fund’s assets), joining existing subadvisers Lazard Asset Management ($17.5 billion), Hotchkis and Wiley Capital Management ($10.5 billion) and Sanders Capital ($10 billion); and Cooke & Bieler as an additional subadviser (managing $3.2 billion) for its $8 billion Selected Value Fund, joining existing subadvisers Donald Smith & Co. ($1.6 billion) and Pzena Investment Management ($3.2 billion).
Vanguard also hired Lazard and Hotchkis and Wiley as the two new subadvisers of its $952 million Diversfied Value Portfolio, managing $571 million and $381 million respectively.
Barrow, Hanley, Mewhinney & Strauss was removed as subadviser for all three funds. Ms. Emery said the changes were the result of Vanguard’s ongoing review of its funds.
Vanguard had $5.9 trillion in assets under management as of Oct. 31.
