The Vanguard Group Inc. has announced that Jean Hynes will be an associate portfolio manager on the Vanguard Health Care Fund (VGHCX).
She joins manager Ed Owens, who has led the fund since its inception in 1984.
The fund is subadvised by Wellington Management Co. of Boston.
Ms. Hynes has worked in investment management with Wellington since 1991.
She has done securities analysis for the Vanguard Health Care Fund since 1995 and managed investments portfolios since 1997.
The $22.9 billion Health Care Fund had top returns for more than two decades, according to Morningstar Inc.
The fund had a three-year trailing return of 5.95%, a five-year return of 10% and a 10-year return of 11.18%.
I think Vanguard and Wellington Management are laying the groundwork for Ed Owens to retire, said Daniel Wiener, the New York-based editor of the newsletter, The Independent Adviser for Vanguard Investors.
I not saying Eds going tomorrow.
Vanguard said thats not the case. Mr. Owens is not stepping aside or stepping down, said John Woerth, a Vanguard spokesman. We are adding to the bench. Jean Hynes has been working on the fund since 1995. This is a recognition of her contributions on the fund in securities analysis.
There is nothing significant about the timing of this appointment, he said.
The fundamental strategy and objectives of the fund wont change, Mr. Woerth said.
I think its steady as she goes in terms of the fund going forward.
Mr. Owens, 61, has been the sole manager since the fund began.
The Vanguard Group Inc. is based in Malvern, Pa., and had $1.3 trillion in assets as of April 30.
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