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Vanguard, the money manager that used passive investing to up-end Wall Street's legacy model for retirement investing, is getting active.
The fabled Valley Forge investment firm, which managed $6.2 trillion in global assets at the end of last year, has announced a partnership with HarbourVest, a Boston-based global private equity firm with $68 billion under management.
Is Vanguard changing its stripes? Not really. The firm's tens of millions of retail investors won't be impacted. The partnership with HarbourVest, which has taken 73 companies public since 1989, will only be available to Vanguard's institutional clients, at least for now.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
