People Moves

Vanguard appoints Europe head as Hagerty relocates to US

Jon Cleborne, head of its Personal Investor Service in the US, will take on the role

Theo Andrew

Vanguard headshot

Vanguard has appointed Jon Cleborne as head of Europe replacing Sean Hagerty.

Cleborne (pictured), who currently leads Vanguard’s personal investor service in the US, will take on the role in June.

Reporting to Chris McIsaac, managing director and head of Vanguard’s international division, Cleborne will be responsible for heading up the $360bn business.

He joined the business in 2003 and has held various senior leadership roles including global head of portfolio review, where he was responsible for overseeing the firm’s global fund range, investment manager selection for its active funds and product development.

Hagerty, who will be relocating back to Vanguard’s US headquarters, has helped grow the firm’s business across European markets including Germany, Italy and Switzerland since 2016.

Vanguard said his role will be disclosed at a later date.

According to Vanguard, 80% of independent financial advisers in the UK use Vanguard funds, while the company serves more than 550,000 UK investors on its Personal Investor Service platform.

The group closed its direct-to-consumer platform in Germany less than two years after launching due to not reaching sufficient scale.

Vanguard’s ETF range hit €100bn assets under management in Europe last October, following a bumper year for the platform.

The group recorded another strong quarter in Q1 with inflows of $6bn, making it the fourth-largest issuer in Europe with an 11.6% share of the market.

McIsaac commented: “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 $26bnn in net cash flow, marking a record year for the business. It is a testament to Sean's strong leadership that our offer is resonating, and we are helping many more people achieve their investment goals.”

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 does not need to be costly or complicated.”

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