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Vanguard Australia announces executive team changes

Vanguard | 09 November 2016


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Vanguard Australia has announced changes to its executive team, as two senior leaders will take on new roles based at the company's U.S. headquarters.

Michael Lovett, Head of Distribution in Australia, will take on a role leading the company's U.S. Registered Investment Advisor distribution channel. Michael joined Vanguard in 2011 as Head of Intermediary Distribution, before overseeing the integration of the sales teams across all channels and becoming Head of Distribution in 2013.

Daniel Shrimski, Chief Financial Officer in Australia will become the divisional CFO of the U.S. retail investor group. Daniel joined Vanguard in 2011, leading the largest division of the Australian business with responsibility for financial operations at both a management and statutory level, as well as having oversight of the fund accounting, administration and transfer agency services for Vanguard Australia's managed funds and separately managed products.

Vanguard Australia Managing Director Colin Kelton highlighted Vanguard's focus on leveraging global expertise.

“These moves highlight the global growth of our business, and the strength of leaders in Australia. More and more we look to our senior leaders as a group of talented individuals who can bring their talents to other parts of the organisation.

“Michael and Daniel's respective work in Australia has been a significant driver of the business' phenomenal growth across the past six years. The U.S. based teams they will be leading stand to benefit greatly from their expertise and international perspective.” Mr Kelton said.

In light of these global rotations, Vanguard Australia's current National Sales Manager - Key Accounts, Platforms, and Research, Matthew Lumsden, will join the Australian Executive team as the new Head of Distribution.

In this role Matthew will lead the team responsible for the distribution of Vanguard's managed funds and exchange traded funds (ETFs) to retail investors, institutional investors and financial advisers throughout Australia.

Matthew has been with Vanguard since 2010. He joined the London office as Senior Projects Counsel before moving to Hong Kong in April 2011 to lead strategic planning, legal and compliance for Vanguard in Asia.

He has more than 15 years' experience in the financial services industry, having worked in Hong Kong, Japan, the UK and Australia. Prior to joining Vanguard Matthew worked for Lazard Asset Management as the Head of Project Management in London, and Head of Legal and Compliance in Tokyo.

“Matthew joined Vanguard Australia in 2014, bringing with him diverse experience gained in Vanguard's European and Asian offices. He will be a valuable addition to the Australian Executive Team as we continue to build out our offering for Australian investors and advisers,” Mr Kelton said.

The executives will transition to their new roles over the coming months, and Vanguard will begin a comprehensive search to recruit a new CFO for the Australian business.