The Vanguard Group Inc. today announced several reassignments of portfolio managers in its fixed income and money market funds.
The moves are part of the firm’s periodic rotation of long-time managers into new roles while at the same time expanding opportunities for other managers on the team, according to the firm.
Five bond managers have new assignments: Martin Brown has assumed responsibility for the $2.4 billion Vanguard Pennsylvania Long-Term Tax Exempt Fund (VPAIX), the $723 million Vanguard Ohio Long-Term Tax Exempt Fund (VOHIX), and the $685 million Vanguard Massachusetts Tax Exempt Fund (VMATX).
He also manages the $7 billion Vanguard Limited-Term Tax-Exempt Fund (VMLTX).
Mr. Brown replaces John Carbone, who will continue to oversee the $3.2 billion Vanguard Insured Long-Term Tax-Exempt Fund (VILPX) and the $1.8 billion Vanguard New Jersey Long-Term Tax-Exempt Fund (VNJTX).
Kathryn T. Allen will now manage the $3.4 billion Vanguard New Jersey Tax-Exempt Money Market Fund (VNJXX), taking over from Mr. Brown.
She also continues to manage the $8.4 billion Vanguard California Tax-Exempt Money Market Fund (VCTXX), the $5.2 billion Vanguard New York Tax-Exempt Money Market Fund (VYFXX), and the $4.1 billion Pennsylvania Tax-Exempt Money Market Fund (VPTXX).
Pamela W. Tynan will manage he $1.1 billion Vanguard Ohio Tax-Exempt Money Market Fund (VOHXX), replacing Mr. Brown.
Ms. Tynan also manages the $22 billion Vanguard Tax Exempt Money Market Fund (VMSXX) and the $4.2 billion Vanguard Short-Term Tax-Exempt Fund (VWSTX).
The changes are effective as of March 28.
The Malvern, Pa.-headquartered fund company has nearly $1.25 trillion in assets under management.