Jack Brennan, who has been CEO of the Vanguard Group since 1996, says he will step down within a year. His successor will be William McNabb, another longtime Vanguard veteran. Brennan, 53, first arrived at Vanguard in 1986. …Garrett Van Wagoner will no longer run the Van Wagoner funds. Shell-shocked shareholders will be relieved: Van Wagoner Emerging Growth has lost an average of 10% a year for a decade. …Douglas Eby has left as co-manager of the Torray fund. Robert Torray still runs that fund. …AIM has replaced the AIM Technology fund's manager, Lanny Sachnowitz, with Warren Tennant.
Why, why, why
You may recall that Bear Stearns collapsed last month in the wake of the subprime mortgage meltdown and is now being acquired on the cheap by JPMorgan Chase.
Apparently, the folks in Bear's exchange-traded fund department didn't get the memo: The Bear Stearns Current Yield Fund, an exchange-traded bond fund, was launched on March 25. Its ticker symbol seems all too apt: YYY.