Vanguard has chosen to split the responsibilities of former head of international ETFs Axel Lomholt who moved to a role in the firm’s Asia business last year.

Instead of directly replacing Lomholt, the firm said his responsibilities will be assumed at a “local level”.

This means, for example, ETF product specialism and ETF research in Europe have been incorporated into the European Portfolio Review arm, under the firm's head of product, Europe, Matthew Piro.

A Vanguard spokesperson said in a statement: “A key part of Axel’s role was to internationalise our ETF capabilities outside of the US, to enable these capabilities to be carried out regionally.

“This has now been successfully completed and these responsibilities assumed at a local level.”

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Lomholt has moved to head of portfolio review for Vanguard Asia and is currently serving as the firm’s head of Asia following Charles Lin’s departure at the beginning of the year.

Prior to Vanguard, he spent six years at BlackRock between 2006 and 2012, most recently as managing director, head of ETF product, EMEA, iShares.

He started his career at HSBC Global Asset Management in 1997 where he became head of global indexing.