Vanguard has announced forthcoming changes to its Vanguard Managed Payout Fund, including renaming it Vanguard Managed Allocation Fund, adding a new portfolio manager and eliminating monthly payouts in favor of an annual distribution.

The change to the portfolio management team is effective immediately, and the investment objective and principal investment strategy will be changed in the second quarter to reflect the cessation of monthly payments.

The fund’s structure, composition and investment adviser will not change. The fund will continue to offer a broadly diversified portfolio of equities, fixed income, commodity-linked investments and alternative investments by investing in multiple Vanguard funds through an actively managed asset allocation process.

Vanguard Quantitative Equity Group (QEG), the firm’s internal active fund advisory arm, will continue to manage the fund.

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