Paul Jakubowski (pictured) is to replace industry veteran Ken Volpert as Vanguard’s head of investments for Europe when Volpert retires in August.
Jakubowski, who currently works as the global head of Vanguard’s taxable credit group, will also assume the position of global head of fixed income indexing, in which London-based role he will be responsible for all of Vanguard’s bond indexing operations worldwide.
The appointment is one of a number of personnel changes at the Pennsylvania-based asset manager’s fixed income group as part of the firm’s policy of rotating staff to broaden their experience.
Christopher Alwine, currently head of municipal investment, will take over Jakubowski’s previous responsibilities, overseeing the active corporate bond portfolio management and trading teams in the US, Europe, and Asia-Pacific and will be based in Vanguard’s US headquarters in Malvern.
In addition, Alwine will be responsible for the oversight of the global taxable credit research team and the Stable Value Group. Alwine joined Vanguard in 1990 and has more than twenty years of investment experience.
Meanwhile, Paul Malloy, currently head of fixed income in Europe, will assume Alwine’s current role leading the municipal bond team of 30 investment professionals who manage more than $183 billion (€149 billion) in 12 municipal bond funds.
Malloy joined Vanguard in 2005 and the fixed income group in 2007, and has held various portfolio management positions in Vanguard’s offices in London and the US. In his new role, Malloy will be based in Malvern.
In addition, Christopher Wrazen, manager of the $103.5 billion Vanguard Total International Bond Index Fund, will move to manage the bond index group in Europe.
Wrazen has been with the Vanguard’s fixed income group since 2008 and his team currently manages more than $200 billion in more than 20 bond index fund portfolios.
As part of the wide-ranging reshuffle Josh Barrickman, currently head of fixed income indexing for the Americas, will become sole portfolio manager on nine funds, including the Vanguard Total International Bond Index Fund.
“We have employed rotations as a way to build global investment teams that are deep, diverse, and experienced. Along with low costs, our investment teams are a source of competitive strength and the primary driver of fund performance over time,” said Vanguard chief investment officer Greg Davis.
Vanguard currently manages more than $5 trillion in global assets.
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