US asset management giant Vanguard has appointed New York-headquartered boutique TimesSquare Capital within the advisory team of its International Explorer fund.
The $3.4bn fund invests in global small and mid-cap growth equities, primarily in the developed European and Pacific markets. TimeSquare Capital, which focuses on that segment, will join Schroders and Wellington within the advisory team.
It is understood TimesSquare Capital will initially manage less than 5% of the fund but will see its allocation growing over time.with its allocation expected to grow over time. Schroders, which has managed the fund since inception in 1996, will oversee around 66% of the fund while Wellington, which joined the fund’s advisory team in 2010, will manage approximately 29% of the strategy with the remainder in equitised cash investments.
Magnus Larsson, senior vice president, will manage the TimesSquare’s portion of the International Explorer fund.
Larsson, who tallies 22 years’ experience, heads TimeSquare Capital’s international small-cap team, comprised of four additional investment analysts and two traders.
The team’s fundamental equity growth research process emphasises the assessment of management quality, an in-depth understanding of superior business models, and valuation discrepancies.
“Vanguard continuously scours the globe for world-class investment talent, forging relationships with firms that bring particular expertise and experience to specific mandates,” said Vanguard CEO Bill McNabb.