Vanguard Group removed AllianceBernstein as manager of the Vanguard U.S. Growth Fund, replacing it with Wellington Management and Delaware Investments. William Blair will continue to run one-third of the fund.
U.S. Growth is one of the worst-performing stock funds of the past decade, declining 50% in the 10 years ended Dec. 28, according to Morningstar data.
"We are confident that the new advisors, which are two of the oldest and most respected firms in the industry, will help the U.S. Growth Fund regain some of its past luster," said Vanguard CEO Bill McNabb.
AllianceBernstein will continue as a sub-advisor on three other Vanguard funds” the $12.3 billion Vanguard Windsor Fund, the $7.3 billion Vanguard International Value Fund and the $3.9 billion Vanguard Global Equity Fund. Twenty-eight other asset managers sub-advise Vanguard’s $200 billion in actively managed funds.