New Vanguard Group CIO appoints equity index leader, others

Fri Feb 22, 2013 1:05pm EST

Feb 22 (Reuters) - Vanguard Group Inc on Friday named Joseph Brennan as the new leader of its Equity Index Group, overseeing more than 80 U.S. and international index funds and exchange-traded funds with roughly $1 trillion in assets.

Brennan's appointment and several other manager changes announced by Vanguard on Friday mark key early moves by Vanguard Chief Investment Officer Tim Buckley. He took over the job at the start of the year from long-time CIO Gus Sauter, who retired.

Equity index funds are a crucial area for Vanguard, the largest U.S. mutual fund company, accounting for about half its $2.1 trillion in mutual fund assets.

Brennan had previously been chief investment officer for the firm's Asia Pacific region operations and was based in Australia. He is now returning to the firm's headquarters in Pennsylvania.

In addition, in a press release Vanguard said it made new portfolio manager assignments involving 15 equity funds and 11 bond funds.

It also named several other top investment professionals. Vanguard's Bond Index Group will now be headed by Josh Barrickman, a 14-year company veteran, while its Active Equity Group will be led by John Ameriks, another insider.

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