Armstrong Shaw Associates has joined the group of advisers managing The Vanguard Group's Windsor II Fund. 

"Armstrong has a solid track record of managing large-cap value mandates, and we are pleased to welcome another skilled manager to the fund's advisory team," said Vanguard Chairman and CEO John J. Brennan. "We believe the Windsor II Fund showcases the benefits of the multi-manager approach: broad diversification of holdings, different yet complimentary investment strategies, and competitive long-term performance."

The New Canaan, Conn.-based company will be the seventh advisor to the $41.4 billion fund, along with Barrow, Hanley, Mewhinney and Strauss, Inc.; Hotchkis and Wiley Capital Management, LLC, Equinox Management LLC, Tuckman Capital Management, Inc.; and, Vanguard.

Founded in 1984, Armstrong Shaw has $7.3 billion assets under management.

The new advisor should not significantly impact the expense ratio of the Windsor II fund, which, as of Nov. 30, was approximately 36 basis points per share.

Armstrong Shaw uses a bottom-up approach to stock selection, using fundamental and qualitative criteria to identify companies for potential investment.

Valley Forge, Pa.-based Vanguard will direct part of fund's current and future cash flow to Armstrong Shaw, in order to mitigate the tax impact to shareholders, according to Vanguard's announcement.

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