Investment giant Vanguard has announced the new boss of its European division.
Jon Cleborne will succeed Sean Hagerty, who has been in the role since 2016.
Cleborne currently serves as head of Vanguard’s personal investor advice service in the US. He will report to Chris McIsaac, managing director and head of Vanguard’s international division.
Hagerty will continue in his current role until June, when he will move back to Vanguard’s US headquarters.
McIsaac said: “We are thrilled that Jon is taking the reins in Europe. A 20-year Vanguard veteran, Jon’s wealth of experience and global perspective will be instrumental to our focus on serving financial intermediaries and individual investors at a time of significant momentum for Vanguard in Europe.
“In 2023, clients entrusted us with $26bn in net cash flow, marking a record year for the business. It is testament to Sean’s strong leadership that our offer is resonating, and we are helping many more people achieve their investment goals.”
Cleborne joined Vanguard in 2003 and has held various senior leadership roles. Prior to leading personal investor advice, he was the global head of portfolio review, responsible for overseeing the firm’s global fund range, investment manager selection for Vanguard’s active funds, and product development.
Hagerty added: “Leading our European business has been a tremendous privilege. We have worked hard to earn the trust of our clients and demonstrate that investing doesn’t need to be costly or complicated.
“There’s still more that can and should be done across the industry, and I know Jon will continue to lead the charge to help investors achieve better outcomes.”
Cleborne currently oversees a department of 1,500 employees, collectively managing more than $300bn in assets on behalf of individual investors and 401 (k) plan participants.
Prior to his current role, Hagerty was a principal in the portfolio review department in the United States, responsible for overseeing the firm’s global fund range, investment manager selection for Vanguard’s active funds and product development.