Vanguard Group has announced the addition of two firms to its Vanguard Morgan Growth Fund's investment advisory team.
Frontier Capital Management Co. LLC and Kalmar Investment Advisers succeeded Franklin Portfolio Associates LLC as managers of about 20% of the $6.4 billion fund, Vanguard said last week.
This will be the first Vanguard fund advisory assignment for Frontier, a Boston investment management company with $4.8 billion of managed assets. Frontier uses a fundamental, research-intensive approach that seeks stocks of midsize companies which combine superior growth potential and attractive valuation. Frontier is owned jointly by its management team and Affiliated Managers Group.
Kalmar, which is based in Wilmington, Del., has more than $2.7 billion under management and has been an investment adviser to the Vanguard Explorer Fund since 2005. It uses a fundamental strategy to identify undervalued mid-capitalization stocks of solid, well-managed companies.
Frontier and Kalmar join Wellington Management Co. LLP, Jennison Associates LLC, and Vanguard's quantitative equity group in managing the Morgan Growth portfolio.
Vanguard, which is based in Valley Forge, Pa., had more than $1 trillion of assets under management at Sept. 30.
