Deals & People February 22, 2008

William McNabb III to Replace Vanguard Top Exec

The Board of Directors of The Vanguard Group has elected F. William McNabb III as President and Director of Vanguard, effective March 1.
Reported by

According to a company announcement, McNabb, 50, will succeed Jack Brennan as Chief Executive Officer within a year. He has been with Vanguard since 1986, serving in several different senior management roles and leading each of the Vanguard client-facing business divisions during his 22-year career.

As a Managing Director, McNabb currently oversees Vanguard’s Institutional and International businesses, the announcement said.

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In an interview on Vanguard’s Web site, Brennan said the change may be a surprise because “I’m “only’ 53, and I’m very healthy,” but that it is not surprising for the Vanguard board to oversee the leadership succession process in such an orderly fashion. “[W]hen it comes time to change leaders, there’s nothing more comforting than an orderly, internal succession,” Brennan commented.

Brennan has served as Vanguard’s President since 1989 and CEO since 1996. He said he will remain as Chairman of the Board “to help ensure a smooth transition,’ and will be “devoting substantial energy to some key strategic initiatives.’

“I’m a believer that change is a critical part of keeping an organization vibrant and evolving for the better. So change in our leadership should be a good thing for Vanguard and our clients,’ Brennan remarked.

The full interview with Brennan is available at www.vanguard.com.

Deals & People February 21, 2008

RS Investments Bolsters Institutional Sales Team

Jared Buell has joined the San Francisco-based investment management firm as Vice President of Institutional Sales and Service.
Reported by

Buell, who previously was Director of Sub-Advisory and Retirement Sales at Phoenix Investment Partners, and before that an investment analyst covering the sub-advisory channel at MassMutual Retirement Services, will have responsibility for the 401(k) and sub-advisory channels.

“Jared has a strong background working with the 401(k) and sub-advisory channels and brings added depth and expertise to our existing efforts in these client segments,’ said David Elliott, head of Institutional Services at RS Investments in a press release.

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RS Investments (RS) specializes in growth, value, and core investment strategies. The RS mutual fund family offers growth, value, and core equity strategies as well as sub-advised fixed-income and international capabilities. The firm manages mutual funds, underlying funds of variable annuities, and separate accounts for individuals and institutions. RS Investments was founded in 1986 and has offices in San Francisco and New York.

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