The Vanguard Group, known for its low-profile marketing efforts, is conducting a radio advertising campaign. Vanguard of Malvern, Pa. has run radio ads in several metropolitan areas recently as part of its efforts to build its non-mutual fund business, said Burton Greenwald, a mutual fund consultant in Philadelphia. Preliminary indications are that the radio ads have produced a lot of leads and could be expanded, he said.

Vanguard executives did not return calls seeking comment about the radio advertising campaign.

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