Vanguard Group has hired a former executive at its rival, Fidelity Investments, to head a new advice and wealth management division beginning in January.

Vanguard has been a positive force in democratizing investing, helping to give tens of millions of investors the best chance for investment success,”

The asset management giant's new division, set to launch next year, comes as the firm announces other hires to shake up its leadership.

The new division will be headed by a former Fidelity executive and be separate from Vanguard’s Personal Investor segment.

Vanguard will establish a new Advice & Wealth management division aimed at enhancing current capabilities, to be led by former Fidelity executive Joanna Rotenberg, who will take the role in January and serve as a managing director and member of the firm’s senior leadership team.

Vanguard Group created a new advice and wealth management division and hired an outsider from Fidelity Investments to run it.

Vanguard, one of the largest money managers in the world, is hiring Canadian executive Joanna Rotenberg to lead its newly created advice and wealth management division.

Money manager Vanguard said on Monday it will establish a new advice and wealth management division led by industry veteran Joanna Rotenberg. Leading asset managers are expanding their wealth management services to meet growing client demand in the backdrop of an increasingly complex and volatile investment landscape.

Joanna Rotenberg will join Vanguard in January 2025 as managing director and member of the company’s senior leadership team.

Vanguard, the closely held company known for popularizing passive ETFs, will create a new Advice & Wealth Management division, and is bringing in an outsider to head it up, the company said Monday. Joanna Rotenberg will join the company in January 2025 to head the new division as a managing director and a member of the company's senior leadership