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Vanguard Adds Fifth Manager to Explorer Fund

Institutional manager GMO will join existing team.

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The Vanguard Group will add a fifth manager to the team running Vanguard Explorer  (VEXPX) in an effort to keep the small-cap growth fund nimble as its asset base gets bigger.

Effective next Monday, Boston-based Grantham, Mayo, Van Otterloo & Co., a 23-year-old institutional money-management firm, will join the four other managers who have been running the fund for the last three years. GMO, a privately held company, has a stable of 38 mutual funds of its own. This is its second assignment from Vanguard. The fund family, based in Valley Forge, Pa., recently tapped GMO to run Vanguard U.S. Value, a fund it will roll out later this year.

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