Vanguard has hired AllianceBernstein L.P. to co-manage its Vanguard Global Equity Fund. AllianceBernstein, based out of New York City, joins Marathon Asset Management, LLP and Acadian Asset Management, Inc. in managing the $3.5 billion fund.

The fund has adopted a multi-manager approach since 2004.

"We're now pleased to have the opportunity to further expand and diversify the fund's management team with the addition of AllianceBernstein," said John Brennan, chief executive of Valley Forge, Pennsylvania-based fund firm, in a statement.

Vanguard said it will will steer a portion of the fund's current cash position to AllianceBernstein, as well as the majority of its net cash flow, to lessen the tax impact to shareholders. The fund company also said it does not expect any capital gains to be distributed to shareholders with the expansion of the fund's advisory team.

The addition of AllianceBernstein, is likewise not seen to create a significant dent on the fund's 0.80 percent expense ratio.

AllianceBernstein also manages portions of other Vanguard funds including the International Value Fund, Windsor Fund, U.S. Growth Fund and the Growth Portfolio of Vanguard Variable Insurance Fund.  

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