Vanguard, based in Valley Forge, Pa., announced it would add T. Rowe Price Associates, Inc. as an advisor to three of its active equity funds.
T. Rowe Price will work as an advisor to the Vanguard Explorer Fund, the Vanguard Variable Insurance Fund – Small Company Growth Portfolio, and the Vanguard Growth and Income Fund. Vanguard said the move strengthens its lineup of external active managers.
“T. Rowe Price is a trusted name in active management, and we’re excited to welcome them as an advisor to Vanguard funds for the first time,” Dan Reyes, Global Head of Investment Product, said. “Their long-standing commitment to fundamental research and consistent performance makes them a strong complement to our advisor lineup and supports our goal of delivering durable outcomes for investors.”
Vanguard said T. Rowe Price brings decades of experience on disciplined, research-driven active equity investing. The addition reflects Vanguard’s continued focus on working with high-quality, differentiated active managers, and a rigorous oversight framework supporting long-term investor outcomes. For Vanguard, T. Rowe Price joins team of advisors.
T. Rowe Price replaces ArrowMark Colorado Holdings, LLC on the Explorer Fund and the VVIF Small Company Growth Portfolio, and Los Angelese Capital Management LLC on the Growth and Income Fund. Vanguard will also make changes to the other advisors’ allocations to boost exposure toward the growth investment style, while preserving the fund’s overall risk aware design. The company said the funds’ investment objectives and principal investment strategies will not change.
“For nearly 90 years, T. Rowe Price’s active investment approach has been grounded in deep fundamental research, collaboration across asset classes, styles, and sectors, and the discipline to stay focused on long-term outcomes for investors,” Eric Veiel, President, Co-Head of Global Investments and Chief Investment Officer at T. Rowe Price, said. “We will apply our proven strengths and expertise across these mandates, and look forward to extending our capabilities to serve Vanguard’s investors.”