World’s second-biggest asset manager will break advice business into separate unit
Vanguard is carving out its $900bn wealth and advice business into a separate unit to speed investment and meet rising demand as its new chief executive sets his stamp on the world’s second-largest money manager. CEO Salim Ramji and president Greg Davis announced the $10tn asset manager’s largest restructuring in more than a decade, touting the firm’s “willingness to reinvent ourselves based on evolving needs” in a Monday email to Vanguard’s 20,000 employees.
” Vanguard has tapped Joanna Rotenberg, a former McKinsey consultant who led wealth management at Toronto-based BMO and then headed up Fidelity’s personal investing business, to lead its new advice unit. Rotenberg split Fidelity’s wealth and brokerage offerings, much as Vanguard is doing, but left in late 2023 after just two years at the company. “We get someone who has had experiences at different firms helping to build and expand and scale and democratise advice and wealth . . .
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