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Combs to lead new Vanguard consulting unit


VALLEY FORGE, Pa.--Ann Combs, the Bush administration's top pension regulator for more than five years, is joining a new unit of mutual fund giant Vanguard Group Inc.

Ms. Combs, who served as head of the Employee Benefits Security Administration from 2001 until her resignation last year, will lead a newly created Vanguard unit--Institutional Strategic Consulting--with oversight responsibilities for Vanguard's retirement policy, research and plan consulting activities.

"Ann Combs brings a wealth of experience and knowledge to Vanguard, and we are pleased to welcome an individual of her high caliber," F. William McNabb III, a managing director at Vanguard's Institutional Investor Group, said in a statement.

Valley Forge, Pa.-based Vanguard is the nation's second largest mutual fund provider, managing $1.1 trillion in assets. It also provides record-keeping services for 1,800 pension plan sponsors whose plans cover 2.8 million participants.