John “Jack” J Granahan, a portfolio manager with the multi-managed USD12.4bn Vanguard Explorer Fund, the USD1.3bn Vanguard Variable Insurance Fund – Small Company Growth Portfolio, and the Irish-domiciled USD125m Vanguard US Discoveries Fund – is to hand off management responsibilities at the end of 2013.
Granahan, 77, co-founder and chairman of Granahan Investment Management, will remain with the firm as chairman.
His investment responsibilities will be assumed by other portfolio managers at the firm, including the chief investment officer Gary C Hatton and chief executive Jane M White. Hatton and White are co-founders of Granahan Investment Management and have been co-managers of the Explorer Fund since 1998 and 2000, respectively.
“I’d like to thank Jack on behalf of Vanguard and our shareholders,” says Vanguard chief executive Bill McNabb. “His wisdom, investment acumen, and experience greatly contributed to the success of our shareholders over four decades. As one of Vanguard’s longest-tenured managers, he leaves behind a great legacy and team, who we are confident will continue to serve our shareholders well.”
Prior to co-founding the firm that bears his name in 1985, Granahan managed the Explorer Fund from 1970 until 1979 at Wellington Management Company. While at Wellington, he also managed Vanguard Morgan Growth Fund when it was introduced in 1968.