Dec. 19, 2003 — Stock picker Christopher Toub has left the team of portfolio managers at Alliance Cap Mgmt Holding L.P. (AC) who oversee the $7.2 billion Vanguard US Growth (VWUSX).
Vanguard said Toub stepped down because of his increased responsibilities at Alliance, where he has taken over its global growth team, which focuses on domestic and foreign stocks. His leaving the fund is not related to improper mutual fund trading at Alliance, a Vanguard spokeswoman said.
Alliance yesterday agreed to cut its mutual fund management fees by 20% and to pay a $250 million fine as part of a settlement with federal and New York State regulators over improper trading in its funds.