Vanguard announced plans to consolidate its retirement business operations under one new unit, according to the Philadelphia Inquirer. The new Institutional Strategic Consulting Group, led by U.S. Department of Labor Assistant Secretary Ann Combs, will now oversee the Valley Forge, Pa.-based giant’s retirement research and plan consulting groups. The new team of 50 will include researchers and planners who will help plan sponsors determine which type of program best suits their employees, according to Bill McNabb, managing director of the Institutional Investor Group. The division will also devise policies for helping clients achieve a secure retirement. Vanguard managed more than $400 billion through its 401(k) and other defined contribution, defined benefit and other institutional plan business. The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.
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