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Fund Times

Fund Times: Openings, Closings, & Manager Changes

Vanguard, Gabelli, Westport, Invesco, Barclays, ING, and Van Kampen.

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Big Change for Big Balanced Fund?
The Vanguard Group announced Friday that Ernst von Metzsch, who has managed the $25 billion Vanguard Wellington  (VWELX) since 1995, will retire at the close of 2002. Von Metzsch, 62, also ran the $1.6 billion Vanguard Energy  (VGENX) since 1984 and a Vanguard balanced variable-annuity account.

Von Metzsch's departure is notable since Wellington, the biggest and oldest stock and bond hybrid fund in the business, finished five of his seven years there in the top fourth of the domestic-hybrid category. Similarly, he led the Energy fund to complete all but three of its 17 full calendar years of existence well ahead of the average specialty-natural-resources fund. Both funds boast long-term trailing returns in the top fourth of their respective peer groups.

Dan Culloton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.