by Gwen Moritz
Posted 8/20/2013 09:10 am
Updated 7 months ago
Stephens Investment Management Group LLC, the Houston-based mutual money-management division of Stephens Inc. of Little Rock, has been hired as an advisor to the $11.4 billion Vanguard Explorer Fund, Vanguard announced last week.
Vanguard, headquartered in Valley Forge, Pa., is one of the world's largest investment management companies with more than $2.25 trillion under management. The company did not reveal exactly how much of the Explorer fund Stephens will manage, describing it as "a modest amount of the fund, with its portion expected to grow more substantial over time."
Vanguard said Stephens Investment Management Group investment advisory firm has more than $1.5 billion under management.
Six other firms also manage pieces of Vanguard's Explorer Fund. Ryan E. Crain, chief investment officer for Stephens, is managing the Vanguard portfolio.
"We are pleased to welcome Stephens Investment Management as an advisor to the Explorer Fund, and to our roster of now 30 investment advisory firms from around the world," said Vanguard Chairman and CEO Bill McNabb. "The firm brings a distinctive small-cap expertise to the fund, which will diversify the advisory team and the portfolio."
Click here for the full news release.