Longtime Vanguard fund manager Owens to retire

Sept 5 Wed Sep 5, 2012 11:42am EDT

Sept 5 (Reuters) - The $22.4 billion Vanguard Health Care Fund, the largest and one of the most successful in its sector, will lose its manager to retirement at the end of the year, Vanguard Group said on Wednesday.

Edward Owens, 65, who has run Vanguard Health Care Fund since its introduction in 1984, will hand the reins to Jean Hynes, currently associate portfolio manager, Vanguard said in a news release.

The fund has gained an average of 14.18 percent a year over the past 20 years, beating the average 10.18 percent return of health and biotechnology funds, according to data from Lipper, a unit of Thomson Reuters, provided by Vanguard.

Both Hynes and Owens are partners of Wellington Management Co of Boston, the external manager of many actively managed Vanguard funds.

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