News release
VALLEY FORGE, PA (June 26, 2018)—Vanguard today announced that David R. Glocke, a long-tenured money market fund manager in Vanguard’s Fixed Income Group, will retire at the end of the month.
Mr. Glocke has served as the portfolio manager of Vanguard’s flagship money market fund—the $100 billion Vanguard Prime Money Market Fund1—since 2003. He has also managed the $17 billion Vanguard Treasury Money Market Fund2 since 1997.
Mr. Glocke had directed the money market team with oversight responsibility for Vanguard’s five taxable money market portfolios, representing approximately $212 billion in assets. He joined Vanguard in 1997 and has spent more than 30 years in the asset management industry.
“We are deeply grateful to David for his distinguished service to Vanguard clients. As a leader within Vanguard’s Global Fixed Income Group, David skillfully stewarded clients’ assets for two decades, with his experience and expertise coming to fore during the financial crisis and the period of uncertainty that followed,” said Vanguard Chief Investment Officer Greg Davis. “He has also been instrumental in developing the depth and breadth of our money market fund management team.”
Nafis T. Smith, who serves as co-portfolio manager of the Prime and Treasury Money Market Funds, will assume sole portfolio management responsibility for the funds and oversight responsibility for the money market fund team. Mr. Smith joined Vanguard in 2003 and has over 14 years of related investment experience. He previously served as a portfolio manager for Vanguard’s Global Bond Index team and earned a B.A. in Economics from Cornell University.
With a collaborative, team-based approach, Vanguard’s Fixed Income Group manages more than $1.3 trillion in assets and employs more than 175 investment professionals across the globe. Through May 2018, Vanguard’s global lineup of 130 fixed income mutual funds and ETFs have experienced more than $46 billion in global cash flow.
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About Vanguard
Vanguard is one of the world’s largest investment management companies. As of May 31, 2018, Vanguard managed $5.1 trillion in global assets. The firm, headquartered in Valley Forge, Pennsylvania, offers 397 funds to its more than 20 million investors worldwide. For more information, visit vanguard.com.
All asset figures are as of May 31, 2018.
For more information about Vanguard funds, visit advisors.vanguard.com or call 800-997-2798 to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing.
All investing is subject to risk, including possible loss of principal.
Bond funds are subject to interest rate risk, which is the chance bond prices overall will decline because of rising interest rates, and credit risk, which is the chance a bond issuer will fail to pay interest and principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline.
1 The Fund is only available to retail investors (natural persons). You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
2 You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
Vanguard Marketing Corporation, Distributor