Imagine — a boat with two hulls. Preposterous! Oh, wait. Catamarans. Vanguard, the world’s largest nautically themed asset manager, just separated into two investment units. The company’s funds are now handled by either Vanguard Capital Management or Vanguard Portfolio Management, which are separate teams operating in different buildings. The division, completed this week, came about six months after Vanguard announced the pending establishment of the two US investment advisors, a process that it said was ...