George Sauter, managing director of Vanguard's quantitative equity group, will assume the newly created position of CIO, a position in which he will oversee all in-house stock and fixed income investments. He will replace Ian MacKinnon, managing director of the fixed income group, who announced his plans to retire in June.

Sauter is currently a member of the Institutional Traders Advisory Committee of the New York Stock Exchange and the trading committee of the Investment Company Institute.

Copyright 2003 Thomson Media Inc. All Rights Reserved.

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