One of the skippers of the Vanguard Morgan Growth Fund
is stepping down later this year. Robert Rands
, who has served as portfolio manager for the Wellington Management Company's
portion of the fund since 1994, will retire on December 31.
Rands, 63, is a senior vice president at Wellington, which he joined in 1978. Wellington vice president Paul Marrkand
, who has served as co-manager of Boston-based firm's portion of fund since last year, will take on Rands' responsibilities at the fund upon his retirement.
Wellington provides investment advisory services for about a third of the $6.4 billion fund. The Vanguard Morgan Growth Fund's other advisors are Franklin Portfolio Associates
and Vanguard Quantitative Equity Group
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