One Pennsylvania mutual fund giant is showing exactly why it calls itself Vanguard -- the Valley Forge-based investment manager is readying an application for Apple's iPhone, Reuters reports.

The Reuters article said that 300,000 people check Vanguard.com daily, and one percent of those visit via mobile phones.

The article also noted that minute-by-minute updates run counter to the spirit of the buy-and-hold strategy mutual fund companies have long espoused.

Vanguard is not the first investment manager to provide access on Apple's popular phone; Bank of America and E*Trade each already have their own iPhone applications.

The Reuters article added that TIAA-CREF is preparing its own iPhone app that will be ready in October. 

Edited by: Adam Kommel


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