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BUSINESS
December 5, 2003 | From Bloomberg News
Vanguard Group Inc., the second-largest U.S. mutual fund company, will close a global stock fund and reopen a high-yield fund that closed in June. The $744-million Vanguard Global Equity Fund, managed by Marathon Asset Management of London, will be closed immediately to new investors, Vanguard spokeswoman Rebecca Cohen said Thursday. The Vanguard High-Yield Corporate Fund will reopen today.
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BUSINESS
June 9, 2006 | From Reuters
Vanguard Group said Thursday that it had dropped Provident Investment Counsel as co-manager of its $757-million Mid-Cap Growth Fund. A spokesman for Provident, based in Pasadena, was not available for comment. Vanguard said William Blair & Co. had been named a new co-manager and would split the management duties equally with Chartwell Investment Partners, a current co-manager. A Vanguard spokeswoman said the decision followed a review by fund trustees of current and prospective advisors.
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BUSINESS
January 26, 1999 | Associated Press
Throughout their decades-long rivalry, Fidelity Investments and Vanguard Group have brought markedly different investment philosophies to the mutual fund business. Fidelity, the biggest firm in the business, tried to beat the market. No. 2 Vanguard tried to ride the market. Fidelity wooed investors with its promise of top-flight research; Vanguard attracted customers with the lowest fees in the business. In 1998, Vanguard's approach paid off.
BUSINESS
April 21, 2006 | From Bloomberg News
Mutual fund company Vanguard Group raised minimum investments for its Windsor II and Wellington funds and closed a third to slow a flood of money and protect returns. The minimum initial investment in the $44-billion Windsor II, Vanguard's largest actively managed stock fund, and the $41-billion Wellington was increased to $10,000 from $3,000. Strategic Equity, a $7-billion quantitative fund, was closed to new investors, the Valley Forge, Pa.-based company said.
BUSINESS
January 24, 2001 | Times Staff Writers
Vanguard Group said Tuesday it has expanded its e-signature technology on its Web site (http://www.vanguard.com) to enable new clients to open accounts in paperless transactions. Since October, existing clients have had the ability to open a new Vanguard brokerage account on the firm's Web site via e-signature. Vanguard is among the first firms to offer this service to prospective customers as well. On Oct. 1, a new law made electronic signatures a legal form of signing a contract. . . .
BUSINESS
February 2, 2005 | From Reuters
Vanguard Group said Tuesday that it would change the stock index used as a benchmark for its Total Stock Market Index and Balanced Index mutual funds, dropping the Dow Jones Wilshire 5,000 index in favor of the Morgan Stanley Capital International broad-market index. Vanguard increasingly has favored MSCI indexes.
BUSINESS
May 6, 1998
* Newbridge Networks Corp. said AT&T Corp. will use some of its high-capacity equipment that carries voice, data and video traffic in a new communications network for business customers, which may help the Canadian company win larger contracts. The value of the agreement with AT&T wasn't disclosed. * McGraw-Hill Cos. agreed to sell its Information Technology and Communications Group, which includes computer magazines Byte and LAN Times, to CMP Media Inc. for $28.6 million.
BUSINESS
August 20, 2004 | From Reuters
Mutual fund firm Vanguard Group said Thursday that it had closed its $1.4-billion Vanguard International Explorer Fund to thwart speculative short-term investors and protect long-term shareholders. Vanguard said it first responded to strong cash inflows by raising the fund's minimum investment from $10,000 to $25,000 on Jan. 15. However, Vanguard said that since January, the fund had taken in about $500 million in additional net cash flow.
BUSINESS
November 1, 1996 | From Bloomberg Business News
Vanguard Group's mutual funds attracted more money in the first nine months of 1996 than Fidelity Investments' funds, marking the first time in years that Fidelity failed to occupy the No. 1 spot, according to the Strategic Insight research group. Fidelity still manages more fund assets than any company--more than $400 billion, compared with Vanguard's $220 billion. But the lead is shrinking, and firms led by Vanguard and Putnam Investments are gaining ground.
BUSINESS
May 16, 1996 | From Bloomberg Business News
American Express Co. and Vanguard Group, two of the nation's biggest financial services companies, unveiled plans Wednesday to enter competing businesses in an effort to attract more customer assets. American Express is joining the ranks of Vanguard, Charles Schwab Corp. and Fidelity Investments by starting a business that gives customers access to mutual funds, money market accounts and discount brokerage services.
BUSINESS
March 21, 2006 | From Bloomberg News
Vanguard Group, the No. 2 U.S. mutual fund manager, is almost doubling its offerings of target-date retirement funds to compete with companies such as Fidelity Investments in a fast-growing area of the 401(k) market. Vanguard, which manages six of the funds, registered five more Monday with the Securities and Exchange Commission. The Valley Forge, Pa.-based company also said in a statement that it would increase the funds' stock holdings.
BUSINESS
February 3, 2006 | From Bloomberg News
Mutual fund company Vanguard Group closed two funds to new investors Thursday after assets surged along with returns. Vanguard shut the $12-billion Explorer Fund, which buys shares of small companies, and the Precious Metals and Mining Fund, which has $3.3 billion in assets. Existing investors can continue to put money into the funds, though Explorer has a $25,000 annual limit, the Valley Forge, Pa.-based company said.
BUSINESS
July 14, 2005 | From Dow Jones/Associated Press
Vanguard Group is taking a major step to clamp down on investors who frequently move in and out of its mutual funds. As of Sept. 30, investors won't be able to buy shares of a Vanguard fund by phone or online within 60 days of selling shares in the same fund. The firm will allow the repurchase of shares within 60 days by mailed check, however. The policy shift is a stark one for the Valley Forge, Pa.
BUSINESS
August 20, 2004 | From Reuters
Mutual fund firm Vanguard Group said Thursday that it had closed its $1.4-billion Vanguard International Explorer Fund to thwart speculative short-term investors and protect long-term shareholders. Vanguard said it first responded to strong cash inflows by raising the fund's minimum investment from $10,000 to $25,000 on Jan. 15. However, Vanguard said that since January, the fund had taken in about $500 million in additional net cash flow.
BUSINESS
April 20, 2004 | From Bloomberg News
Vanguard Group, the second-largest U.S. mutual fund company, hired William Blair & Co. to help run the $7.3-billion U.S. Growth Fund and bolster its performance. About 25% to 30% of U.S. Growth will be managed by William Blair, and the rest will be overseen by the fund's current manager, Alliance Capital Management Holding, Vanguard spokeswoman Rebecca Cohen said Monday. The two firms also will share responsibility for the $379-million variable annuity version of the fund. Alliance has run U.S.
BUSINESS
March 5, 2004 | From Bloomberg News
Vanguard Group, the second-largest U.S. mutual fund company, said it closed two equity funds to new investors because of concerns that the portfolios might become unwieldy. The $23.6-billion Vanguard Primecap Fund and $7.5-billion Vanguard Capital Opportunity Fund would immediately stop accepting new investors, said the company, based in Valley Forge, Pa. Both funds are managed by subadvisor Primecap Management Co. of Pasadena.
BUSINESS
April 20, 2004 | From Bloomberg News
Vanguard Group, the second-largest U.S. mutual fund company, hired William Blair & Co. to help run the $7.3-billion U.S. Growth Fund and bolster its performance. About 25% to 30% of U.S. Growth will be managed by William Blair, and the rest will be overseen by the fund's current manager, Alliance Capital Management Holding, Vanguard spokeswoman Rebecca Cohen said Monday. The two firms also will share responsibility for the $379-million variable annuity version of the fund. Alliance has run U.S.
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