Vanguard Group has severed sub-advisory ties with AllianceBernstein regarding the Vanguard Windsor Fund and Vanguard Global Equity Fund.

According to a filing, Pzena Investment Management will replace AllianceBernstein as sub-advisor of the Windsor Fund and Baillie Gifford Overseas Ltd. will take over as sub-advisor of the Global fund.

In a statement, Vanguard's CEO Bill McNabb said: "AllianceBernstein has been an advisor for Vanguard funds for more than 10 years, and we thank the firm and its investment professionals for their dedication, commitment, and service during that time."

Alliancebernstein’s CEO Peter Kraus, on the earnings call today, said the terminations will reduce the firm’s July AUM “but the financial effect will be immaterial."

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