Vanguard transfers $470 billion in voting power to outside fund managers

Vanguard Group is handing some of its massive corporate shareholder voting power to external fund managers that oversee almost 10 percent of the investment management giant’s $5.3 trillion in assets.

In a commentary on its website, the Malvern-based company said outside stock pickers who manage its active equity funds will be granted full proxy voting privileges for key decisions at the companies in which it has stock, such as management changes, board elections, mergers and acquisitions, and…

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