July 30, 2016 |
Vanguard closed to new shareholders one of its most popular dividend mutual funds Thursday, saying it topped out at $30 billion as yield-hungry investors sought to earn income on their portfolios. Current investors in the Vanguard Dividend Growth Fund can still put money in, but new investors are out of luck. It's yet another sign that dividend-paying stocks have become the new bonds. Currently, 300 of the S&P 500 index companies yield more than the 10-year Treasury note, a phenomenon that has not occurred since 2009, according to data from asset-management firm Nuveen.
July 19, 2016 |
The investment management company Vanguard, Valley Forge, has hired Anne E. Robinson as general counsel and managing director of its legal and compliance division. She had been managing director and general counsel, global cards and consumer services, at Citi. Tandigm Health, a West Conshohocken start-up designed to help primary-care doctors manage costs and improve care in Southeastern Pennsylvania, has hired Patrick Adams as president and chief operating officer.
June 17, 2016
YOU MIGHT HAVE heard that the Philadelphia committee hosting the Democratic National Convention, and in charge of fund-raising, is refusing to say who is funding the convention. Transparency isn't their thing. The committee, named PHL 2016, went as far as calling its fund-raising list a "trade secret. " Which is - well, the only word that comes to mind is hilarious . Former Gov. Ed Rendell , who is chairman of the DNC host committee, has defended the decision to withhold donor names before the convention next month.
May 28, 2016 |
When investors think of Vanguard, they think of index funds. But the $3 trillion mutual fund giant oversees more than just low-cost passively managed benchmark funds linked to the S&P 500 and other indexes. New Vanguard fund launches in the U.K. on Wednesday highlight how the low-cost king of mutual fund investing is expanding its footprint overseas - continuing to extend its low-fee brand to active management as well, in what may be a test-run at product launches back home. Currently, out of its total $3.2 trillion in assets, $2.2 trillion that Vanguard manages for investors is in index funds.
May 26, 2016 |
Vanguard founder John Bogle has come out in support of the new fiduciary-duty requirement governing retirement plans, calling the U.S. Department of Labor regulations the "first step" in a movement he has been advocating for decades. "Today, we're at the beginning of an arc in finance toward fiduciary duty," Bogle, 87, told a conference Tuesday at the National Constitution Center hosted by the Institute for the Fiduciary Standard, which has long advocated for fiduciary responsibility on Wall Street.
May 17, 2016 |
Don't you wish someone would do this for you? California Assemblyman Mike Gatto, a Los Angeles Democrat who is backed by labor unions, says he sympathizes with the little guy fighting unfair systems. "When a whistle-blower comes forward, they are usually doing a very good job for society," Gatto told me. But that's not how he felt last winter, when Gatto read an online commentary about how Vanguard Group, the Malvern-based private company that runs the nation's largest and fastest-growing mutual fund operation, might owe "billions" in unpaid income taxes.
May 5, 2016 |
A few thousand Vanguard investment customers thought they had made some extra bucks on Monday. But it turned out to be a software glitch: Vanguard account holders who were checking their balances on Apple iPhones, iPads, and Apple Watches - in short, anyone using an operating system on an Apple device - briefly experienced inflated values. "A few thousand out of our 20 million clients" were affected, according to Vanguard spokeswoman Katie Hirt. Hirt said 16 percent of customers who visit the company's website Vanguard.com do so through an Apple device and application.
March 31, 2016 |
The Securities and Exchange Commission has filed a "friend of the court" motion arguing that David Danon, the former Vanguard Group tax lawyer who says he was fired for complaining about billions of dollars of federal and state income-tax underpayments by the Malvern-based mutual-fund giant, is entitled to whistleblower protection under the Securities Exchange Act of 1934 and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010....
February 14, 2016 |
For seven years in a row, U.S. investors have sent more money to Vanguard Group, the world's largest mutual fund company, than any of its rivals, says fund-tracker Morningstar Inc. The Malvern-based company now controls 5 percent of every stock exchange-listed U.S. company. Yet Vanguard doesn't act like other dominant U.S. companies. Instead of boosting prices, as Apple iPhone users and Comcast Xfinity-watchers suffer most years, Vanguard continues to cut its fees, already among the industry's lowest, according to Morningstar.
January 18, 2016 |
An IT employee at Vanguard Group, Rebecca Snow asked for a month off in 2013 to care for her dying mother in hospice and her ailing father. Not long after her leave, Snow was fired from her computer systems job, despite 13 years of raises and excellent reviews. Colleagues who took a family leave routinely suffered bad reviews, pay cuts, and firings, Snow alleged in a suit she later filed. Her manager Wanda Kirschbaum urged Snow to take the leave, and was also later fired. "I felt bad because I was the one who encouraged" Snow to take the leave, Kirschbaum said in a deposition for Snow's suit, "because they held it against her. " In November, Snow settled her suit, filed in Charlotte, N.C., where Vanguard has an office, and agreed not to discuss it. Her case is the latest in a string of 20 suits against the $3.4 trillion investment giant, which is based in Malvern.