George Sauter, manager of the Vanguard 500 index fund, will become Vanguard’s chief investment officer at the end of June, upon the retirement of Ian MacKinnon, managing director of Vanguard’s fixed income group, the firm announced yesterday.

Sauter will remain head of Vanguard's $170 billion quantitative equity group, which oversees the company’s well-known stock index funds, including the Vanguard 500 index fund. Sauter, 48, will take charge of all in-house stock and fixed income investments, and oversee $400 billion, or 70%, of Vanguard’s $550 billion in U.S. mutual fund assets.

Robert Auwaerter will head the $225 billion fixed income unit and report to Sauter.

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