Manager of Popular Vanguard Fund To Step Down

May 31, 2002 (PLANSPONSOR.com)- The Vanguard Group has announced that Ernst von Metzsch, portfolio manager of the Vanguard Wellington fund, among others, will retire at the end of this year.

Upon his departure, two new managers will take over von Metzch’s duties. Edward P. Bousa will take over the Wellington Fund and the Balanced Portfolio. Karl E. Bandtel, will assume responsibilities for the Energy Fund.

Wellington, a balanced fund made up of about 60% stocks and 40% bonds, is a popular investment option with employer retirement plans.

Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.

Von Metzsch also manages the Vanguard Energy Fund and the Balanced Portfolio of the Vanguard Variable Annuity.

Currently, he is a senior vice president and a partner with Wellington Management Company, which advises the three funds.

He has served as portfolio manager of Wellington Fund since 1995, the Energy Fund since 1984 and the Balanced Portfolio since 1995.

Initial Claims Dip, Lines Remain Long

May 30, 2002 (PLANSPONSOR.com) - Although the number of Americans seeking initial unemployment benefits fell for the second straight week, workers appear to be staying unemployed longer.

Department of Labor (DOL) data reveals that 410,000 Americans filed for initial claims during the week ending May 25, down from a revised 422,000 the week before. That reading was roughly in line with the 409,000 predicted by economists polled by Reuters – and the lowest reading since March 16.

However, the latest DOL figures also mark the tenth consecutive week over the 400,000 mark, which is considered a recessionary indicator.

Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.

The four-week moving average, considered a better measure of the unemployment situation since it smoothes out weekly fluctuations, fell 3,000 to 418,500, according to DoL figures.  The moving average also hit its lowest in two months.

However, in the bad news portion of the announcement, the number of people who already qualified for benefits jumped to 3.89 million in the week ending May 18 – the highest since January 1983. Economists say that is an indicator that it is taking longer for workers to find a new employer.

«