UK - Vanguard is set to launch a UK funds business in a bid to build a more integrated global asset management business.
It said the UK operation will be based in Cannon Street and headed by Tom Rampulla, who has relocated from Vanguard's US operation.
Rampulla has been with Vanguard for 21 years, most recently as a principal and director of sales for Vanguard Financial Advisor Services. He reports to James Norris, head of Vanguard International Investor Group.
Rampulla said: "Vanguard has established a core competency around serving advisors in the US, having grown our US advisor-services business to nearly US$240bn in assets.
"We plan to leverage that knowledge and experience in the UK and our initial focus will be on the domestic advisory market. We will be advocating fee-based advice to UK IFAs, which we believe to be in line with the FSA's objective of increasing the level of fee-based advice available for UK investors. As a leading provider of retirement services in the US, we also expect to bring that experience to bear on the UK at a later stage."
He added: "While the decision to enter the UK market was made before some of the recent regulatory announcements-such as RDR and Personal Accounts- we see these developments as potentially beneficial."
Vanguard chief executive officer Bill McNabb added: "We take a long-term approach to the business of building a global asset management capability. As a company, we have never tried to be all things to all potential clients in all places, but rather we look for opportunities that offer a good fit for our strengths. We will be looking to ensure that when we launch our UK clients can expect the same levels of excellent service that we deliver to our clients elsewhere in the world.
"We are well-known in the US as being an advocate for investors, but recognize that we will need to engage with the UK advisor community to introduce who we are, what we stand for, and what we can offer investors. Vanguard's mission in the UK, as globally, will be to help clients achieve their goals by being the world's highest value provider of investment products and services."
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