Vanguard Group has announced that W. Michael Reckmeyer 3rd, a vice president at Wellington Management Co. LLP, was named to the portfolio management teams of the Vanguard Wellesley Income Fund and the Vanguard Equity Income Fund.
Mr. Reckmeyer, 48, is to team up with John R. Ryan, a senior vice president and partner at Wellington Management, who has managed the stock portion of the $13.1 billion Wellesley Income Fund since 1986, co-managed the $5.5 billion Equity Income Fund since 2000, and co-managed the $626 million Vanguard Variable Annuity-Equity Income portfolio since 2003, Vanguard said Wednesday.
Mr. Reckmeyer is to take lead responsibility for the three funds in June 2008, when Mr. Ryan, 58, is to relocate to Wellington’s London office where he will help develop the portfolio management and research functions, as well as continue to manage a global investment strategy.
Wellington provides advisory services to 16 Vanguard mutual funds and annuity portfolios. It had $550 billion of assets under management at July 31.
Vanguard Group, which is based in Valley Forge, Pa., is the nation’s second-largest mutual fund company, with $1.2 trillion under management at July 31.
