American financial giant Vanguard Group said it made investment errors in several customers’ education-savings accounts.
The asset manager steered more money to stock funds last year than it intended for some individuals in a roughly $27 billion education-savings plan administered by the state of Nevada. Vanguard provides investment-management services for the plan.
The error was introduced when the firm overhauled certain portfolios designed to shift over time as a child nears college age.
Nine of the plan’s 31 portfolios offered wound up with more equity exposure than the asset manager had intended. Vanguard told customers affected this week that it updated the allocation for the affected portfolios.
“When this transition occurred, due to a manual error, some portfolios were given higher allocations to equities than intended,” a Vanguard spokeswoman said. “The glide path design and methodology has been and remains sound; this was an implementation issue and has been corrected.”
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