Vanguard, one of the world’s largest exchange-traded fund issuers, has made a significant leadership change by appointing Jon Cleborne as the new head of its European business. This decision comes on the heels of CEO Tim Buckley’s retirement announcement, signalling a period of transition and strategic realignment within the organisation.
Cleborne, currently leading Vanguard’s personal investor service in the U.S., will take over the European role in June, replacing Sean Hagerty, who will be relocating back to Vanguard’s U.S. headquarters in Malvern, Pennsylvania. With over $360 billion in assets under management, Vanguard’s European business plays a pivotal role in the company’s global operations.
Reporting to Chris McIsaac, managing director and head of Vanguard’s international division, Cleborne brings extensive experience and a global perspective to his new role. Having joined Vanguard in 2003, Cleborne has held various senior leadership positions, including global head of portfolio review, where he oversaw the firm’s global fund range, investment manager selection, and product development.
Hagerty, who has been instrumental in growing Vanguard’s business across European markets since 2016, leaves behind a legacy of strong leadership and client-focused initiatives. Vanguard has yet to disclose Hagerty’s successor, underscoring the ongoing evolution and strategic recalibration within the organisation.
Vanguard’s presence in Europe extends beyond its leadership changes, with a significant footprint in the investment landscape. Notably, 80% of independent financial advisers in the U.K. utilise Vanguard funds, reflecting the company’s commitment to serving financial intermediaries and individual investors. With over 550,000 U.K. investors on its Personal Investor Service platform, Vanguard continues to play a prominent role in shaping the investment landscape in Europe.
Despite the closure of its direct-to-consumer platform in Germany, Vanguard’s ETF range in Europe has surpassed €100 billion in assets under management, marking a milestone achievement for the platform. The company’s strong performance in Q1, with inflows of $6 billion, further solidifies its position as a leading ETF issuer in Europe.
Looking ahead, Vanguard remains focused on its mission of helping investors achieve their financial goals through cost-effective and straightforward investment solutions. With Jon Cleborne at the helm of its European business, Vanguard is poised to continue its legacy of client-centric innovation and excellence in investment management.
