Vanguard Establishes New Advice and Wealth Management Division

(Reuters) – Money manager Vanguard announced on Monday the creation of a new advice and wealth management division, to be led by industry veteran Joanna Rotenberg.

Leading asset managers are expanding their wealth management services to meet increasing client demand amid a complex and volatile investment landscape.

Vanguard's CEO Salim Ramji and President Greg Davis shared details of the firm's largest restructuring in over a decade via email to 20,000 employees on Monday, as reported by the Financial Times.

The company stated that Rotenberg, who recently served as the president of personal investing at Fidelity, will join Vanguard in January as a managing director to lead the new division. She will also become part of Vanguard's senior leadership team.

Rotenberg has over a decade of experience at Canadian lender Bank of Montreal and has worked as a partner at consulting firm McKinsey.

Founded in 1975, Vanguard is one of the largest investment management companies globally, providing investments, advice, and retirement services to clients. The firm is well-known for pioneering index funds and offers diversified, low-cost investing through mutual funds, exchange-traded products, and retirement plans.

The Financial Times was the first to report on the restructuring.