Investment management company Vanguard has announced plans to create a new advice and wealth management division, aimed at strengthening its capabilities and improving client outcomes.
This new division will be led by Joanna Rotenberg, who will join Vanguard as a managing director and member of the senior leadership team in January 2025.
Rotenberg brings extensive experience to the role, having previously served as president of personal investing at Fidelity, where she led the company’s retirement, brokerage, and wealth management businesses.
Prior to that, she spent over a decade at BMO Financial Group as part of the bank’s executive committee. She also worked as a partner at McKinsey & Company, advising clients in wealth and asset management.
Vanguard’s existing advice and wealth management businesses have been among the fastest-growing areas within a large and expanding industry, said the investment management company.
These offerings are built on the firm’s core philosophy of delivering high-quality, diversified, and low-cost solutions that aim to help clients maximise their returns.
The formation of the new division is part of Vanguard’s ongoing effort to enhance its services and better meet the needs of its clients.
Vanguard CEO Salim Ramji said: “For nearly five decades, Vanguard has been a positive force in democratising investing, helping to give tens of millions of investors the best chance for investment success.
“With the addition of Joanna to our leadership team, our goal is to further democratise our advice and wealth management offerings for our clients through enhanced technologies and offers – with the same client zeal that Vanguard has long been known for.”
In addition to the launch of the new division, Vanguard has announced several changes to its senior leadership team to further improve client focus.
Matt Benchener, who currently serves as managing director and head of Vanguard’s personal investor business, will continue in his role. He will focus on the firm’s digital client experience, brokerage, cash and savings solutions, and education savings for individual investors.
John James, the current managing director of the institutional investor group, has been appointed head of workplace and advisor solutions. In this new role, he will oversee Vanguard’s intermediated businesses and work to strengthen relationships with enterprise clients.
Besides, Lauren Valente, managing director and chief human resources officer, has been named head of the institutional investor group, succeeding John James.
Last year, Vanguard revealed plans to introduce two new active fixed income Exchange-Traded Funds (ETFs), Vanguard Core Bond ETF (VCRB) and Vanguard Core-Plus Bond ETF (VPLS) to expand its investment offerings.
