Jan 3 Vanguard Group, the No. 1 mutual fund
company, said on Thursday that Sandip Bhagat, the head of a
global equity group that oversees about $1 trillion in assets,
No replacement was named. Bhagat's departure came as Tim
Buckley takes over as Vanguard's chief investment officer this
month. Buckley replaced long-time CIO Gus Sauter, who is
Bhagat, who oversaw all passive, exchange-traded funds and
active stock portfolios, left the company to pursue other
opportunities, Vanguard spokeswoman Linda Wolohan said.
"The leadership of the Equity Investment Group, which
oversees the management of roughly $1 trillion in assets, is
expected to be formally announced soon," Wolohan said in an
The announcement of Bhagat's departure was contained in a
supplement to a prospectus filed with the U.S. Securities and
Exchange Commission. The filing mostly centered on the expected
retirement of Sauter.
Bhagat's departure received one line.
"Also, Sandip A. Bhagat has resigned as head of Vanguard's
Equity Investment Group," Vanguard said in the filing.
Before joining Vanguard in 2009, Bhagat was head of global
asset allocation and systematic strategies at Morgan Stanley
investment management. He began his career in 1987 at
Travelers Investment Management Co and eventually became its
chief investment officer.