Vanguard has announced it plans to merge its two retail direct businesses — superannuation and non-superannuation — alongside an appointment and internal reshuffles.
In a statement on Thursday, the investment manager confirmed the evolution of its organisational structure as the “next step” in its continued enhancement of the “service and experience” it provides to both clients and advisers.
“The financial needs of Australians continue to evolve, and we’re working to evolve our business capability and service offering to meet these needs,” said Vanguard Investments Australia managing director, Daniel Shrimski.
“Whether its policy, tax, economic, or market forces at play, Australians increasingly have to consider the right avenues of investment both inside and outside of the super system in order to effectively progress their financial goals,” he added.
Regarding personnel, the investment manager announced the appointment of Renae Smith as chief of personal investor, and an internal move for Curt Jacques from head of risk to head of product offer, alongside the promotion of Lakshi Prabhakaran to fill Mr Jacques’ role.
Vanguard also provided an update on Vanguard Super, which went live in November last year.
“It’s just the beginning for Vanguard Super, with a strong start seeing over $500 million in assets under management to date, while our investor platform service has gone from strength to strength through the ongoing enhancement of our product and service offering,” said Mr Shrimski.
“The changes we are announcing today are focused on continuing to strengthen this value proposition through bringing together the teams serving our retail clients in a cohesive and streamlined business structure, geared up for future growth,” he added.
Moreover, Vanguard added that as part of its organisational restructure, Balaji Gopal would continue to serve on the Australian executive team as acting head of financial adviser services, leading distribution, adviser proposition, and the development of the adviser direct platform.
Meanwhile, Shannon Nutter, who played a key leadership role in developing, launching, and leading Vanguard Super, will continue to lead the super team until her return to the US later this year.
Back in February, Vanguard Australia head of super Michael Lovett, who led the launch of Vanguard Super to market in 2022 following a multi-year project to establish the fund, announced he would exit the company.
Mr Shrimski said at the time: “Michael’s expertise, motivation, and vision was instrumental in developing a superannuation fund which encapsulates Vanguard’s decades of expertise and experience in managing retirement savings to deliver on our mission to reshape super for the benefit of Australians and provide financial peace of mind”.
