Vanguard has dismissed one of the advisors on its $6.8 billion Vanguard International Value Fund (VTRIX).

The 17% portion of the fund that was managed by Hansberger Global Investors for 12 years will be reallocated to current fund advisors Lazard Asset Management and Edinburgh Partners Limited.

"After careful evaluation, we determined that the new investment advisory arrangement will better serve shareholders over the long term," said Vanguard chief executive officer Bill McNabb, in a press statement. "We thank Hansberger and its investment professionals for their dedication and commitment to our shareholders over the last 12 years."

In an emailed statement, a Hansberger spokeswoman said "Vanguard did not give any specific reason for their decision." She added that the copmany "look[s] forward to assisting them again in the future if their needs change."

Lazard will now manage approximately 39% of the fund's assets while Edinburgh will manage 34%. A third advisor, ARGA Investment Management will continue to manage 24%. Cash investments account for the remaining 3% of the fund's assets.

Vanguard International Value Fund invests in non-U.S. companies from developed and emerging international markets. It focuses on stocks that its advisors view as temporarily undervalued. The fund has followed a multimanager approach since 2004.

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