Monday, August 31, 2015

Vanguard: We're muscle - and brains, too

"One of the largest fixed income managers in the world"

Vanguard: We're muscle - and brains, too

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The Vanguard Group in Malvern has hired a remarkable 5,000 people in the last five years, according to CEO Bill McNabb.  (David Swanson / Staff Photographer)
The Vanguard Group in Malvern has hired a remarkable 5,000 people in the last five years, according to CEO Bill McNabb. (David Swanson / Staff Photographer)

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."

 

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About this blog

PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, distefano251@gmail.com, 215.854.5194 or 302.652.2004.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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