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They could be splitting it up for tax or estate reasons to get ready to sell part of it...

I would think they'd want to sell the individual account portion, as the institutional portion is probably the most lucrative from a profit standpoint. For the past few years they've had to lower their fund fees, first by getting rid of the loads on the Select funds, then by offering more index funds--it would seem that Vanguard's become a thorn in their 'individual account' side.

Hmmmm...Wonder who'd want to buy it?

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