Indexing king Gus Sauter will take over as Vanguard's chief investment officer. The promotion for the manager of the world's largest passive equity fund came as 21-year Vanguard veteran Ian A. MacKinnon said he was stepping down as managing director of the Vanguard Fixed Income Group to head into retirement.

Robert A. Auwaerter, also a 21-year Vanguard employee, will replace MacKinnon as the head of the $225 billion, 39 mutual funds fixed income group, said John J. Brennan, chairman.  

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