Vanguard Super signals ‘strong start’ with $500m AUM

Vanguard, which launched its superannuation offering six months ago, has announced two new divisions and internal reshuffles in a rehaul of its retail businesses.

It outlined a new organisational structure that would bring together its superannuation and non-superannuation direct businesses in what was the “next step” for the asset manager, according to Vanguard Investments Australia managing director Daniel Shrimski.

“It’s just the beginning for Vanguard Super, with a strong start seeing over $500 million in assets under management to date, while our investor platform service has gone from strength to strength through the ongoing enhancement of our product and service offering,” he said. 

“The changes we are announcing today are focused on continuing to strengthen this value proposition through bringing together the teams serving our retail clients in a cohesive and streamlined business structure, geared up for future growth.”

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Vanguard Super would be helmed in an acting capacity by Shannon Nutter, who played a key leadership role developing, launching, and leading the superannuation offering and would continue to do so until her planned return to the US later this year.

She took up the role after Vanguard’s previous head of super Michael Lovett had departed in February just three months after its launch. 

Another internal reshuffle was Curt Jacques, current head of risk, Australia, who was named head of product offer to oversee the development and offer design of Vanguard’s Australian product suite, including its Personal Investor platform and Superannuation product offer. 

His previous role would be filled by Lakshi Prabhakaran as head of enterprise risk, Australia, who would join the executive team in an expanded role with a remit for risk matters related to both super and non-super.

Meanwhile, Renae Smith, former chief customer experience and operations officer at AIA, would join the team as chief of personal investor. She would be responsible for a new division focused on Vanguard’s retail strategy, client growth, member and investor experience, and operations.

On the adviser side, Balaji Gopal would continue to serve as acting head of financial adviser services, leading distribution, adviser proposition, and the development of the adviser direct platform. 

Shrimski said: “The financial needs of Australians continue to evolve, and we’re working to evolve our business capability and service offering to meet these needs.

“Whether its policy, tax, economic, or market forces at play, Australians increasingly have to consider the right avenues of investment both inside and outside of the super system in order to effectively progress their financial goals.

“We’ve spent the past few years building out a high-quality, low-cost, whole-of-wealth solution for all Australians, while continuing to enhance our offer to financial advisers.”

Additionally, Vanguard Investments Australia’s head of human resources Maxim Tambling was named lead of the talent strategy and development function for the Vanguard Group, operating from its Pennsylvania headquarters. 

He would be replaced by Rebecca Supierz, a new appointment from Latitude Financial Services, where she had been general manager of people and communications.