In a move to cater to the high-net-worth market, the Vanguard Group today announced that it is opening a new private equity investment program with Hamilton Lane Advisors, a Bala Cynwyd, Pa.-based private equity advisor.

Hamilton Lane will provide fund-of-funds management for the program, which Vanguard will offer to qualified investors. "This new initiative is a logical step in VanguardÂ’s development as an investment management firm, bringing clients additional investment programs and services to complement our core mutual fund business," said John Brennan, CEO of Vanguard, in a statement. A Vanguard spokesman declined to offer further comment on the new program.

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