IVA QUICK TAKE | Vanguard’s Big Split Is Official

Two investment units, two indexing teams—and a higher bar to keep costs and execution tight.

It’s official: Vanguard has split into two investment units—Vanguard Capital Management (VCM) and Vanguard Portfolio Management (VPM).

When Vanguard first unveiled the reorganization in June (see here and here), the timing was vague. We learned in September (here) that the change was set for the first quarter of 2026.

Well, Vanguard didn’t need the whole quarter. As of today (January 12), the firm has formally split into two investment units.

Here’s a quick refresher on how the new structure works:

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