Vanguard is ramping up its fund distribution effort in the Italian market after hiring a passive sales specialist to head its business there.
The firm has appointed Simone Rosti as head of Italy, a newly created position.
Rosti will be based in London – Vanguard’s European headquarters – and joins from UBS Asset Management where he was head of passive and exchange-traded fund (ETF) sales for Europe.
Thomas Merz, head of distribution in Europe (ex-UK), said the appointment was part of broader expansion in Europe.
“Hiring Simone is an important milestone for Vanguard, as we look to continue expanding our presence across Europe,” Merz said.
Rosti joined UBS in 2012 as head of ETFs Italy and had previously worked for BlackRock’s ETF business, iShares, as a senior sales representative for the Italian market.
Vanguard manages $5 trillion (€4.315 trillion) of assets under management in active and passive investments. Of that, $175 billion in assets (as at the end of May 2018) were for European clients.
Rosti’s appointment reflects greater interest in Italy by international asset managers.
HanETF, a white-label ETF platform, recently created a sales director role for Italy, while JP Morgan Asset Management recently appointed Roberta Gastaldello as head of ETF distribution in the country as the firm expands its ETF business.
Also, in November last year Investec Asset Management expanded its Italian sales team.
Vanguard, meanwhile, has in the past year expanded in Europe by opening its first office in Frankfurt, Germany.
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