Earlier this month I posted this Philadelphia Inquirer column in which money manager Ted Aronson complains of a brain drain in Philadelphia investment management, compared to the old days when pioneering mutual fund and money-market families lined South Broad St.
I went on to name Vanguard Group and SEI as major investment employers that farm out investment research instead of doing it all in house.
Vanguard's John Woerth writes back: "Per your recent column 'How bad a brain drain?', let me clarify that Vanguard's crew comprises more than 'administrators, sales, and tech people.'
"Vanguard employs some 300 investment professionals in our Equity Investment and Fixed Income groups -- not counting the hundreds of investment strategists and financial planners on staff.
"With respect to the latter, Vanguard fixed income managers and analysts actively manage more than $460 billion in government, corporate, and municipal bonds. In fact, we are one of the largest fixed income managers in the world."