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Vanguard splitting into two investment subsidiaries

msf
in Fund Discussions
Apologies to shadow if he already posted this (I caught it in VPMAX's prospectus). This sounds similar to what T. Rowe Price did not so long ago.

Supplement Dated January 12, 2026, to the Prospectus and Summary Prospectus

As approved by the board of directors of The Vanguard Group, Inc. (the “Vanguard Board”), effective today, The Vanguard Group, Inc.’s (Vanguard) portfolio management and proxy voting administration services have reorganized into separate teams within two newly established wholly owned subsidiaries, Vanguard Capital Management, LLC (VCM) and Vanguard Portfolio Management, LLC (VPM) (the “Reorganization”). The Vanguard Board has determined that the Reorganization is in the best interests of the Vanguard funds and their shareholders.

https://www.sec.gov/Archives/edgar/data/34066/000119312526009900/f43755d1.htm

See also SAI supplement listing all the funds going into each of the two subsidiaries.
https://www.sec.gov/Archives/edgar/data/34066/000119312526009903/f43758d1.htm
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