Vanguard Group said it plans to allocate a fraction of its vast voting powers to outside fund supervisors.
Vanguard Group, the globe's second-largest asset manager, announced Thursday plans to allocate a fraction of its vast voting powers on corporate boards to outside fund supervisors that control more than $470 billion of its holdings.
Vanguard said that despite relinquishing voting rights over about 9% of its assets, it will continue to leverage its own in-house investment team when voting on its vast index funds and ETFs. Vanguard oversees $5.3 trillion in assets around the world. It will have an outsized effect on Vanguard host of subadvisors like Wellington Management, which earlier this year offered a rare opinion on Bristol-Myers's bid for Celgene. Wellington, which also manages about $1 trillion, has long worked with Vanguard though typically doesn't make its opinions on contests known to the public.
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