Vanguard, the U.S. provider of exchange traded funds, has created a new job in its Zurich bureau designed to strengthen the company’s presence in Europe. A well-known UBS banker has been appointed to the position.
Vanguard has hired Thomas Merz as head of distribution in continental Europe, the company said in a statement today. Merz will be based in Zurich and be a member of Vanguard's European leadership team.
As head of distribution, Merz will report to Sean Hagerty, the head of Europe at Vanguard. Merz will take charge of the expansion of Vanguard’s presence in new as well as existing markets on the continent, the company said.
Career at UBS, Credit Suisse
Before joining the U.S. fund provider, Merz was head of ETF Europe at UBS asset management. The economist previously also managed the ETF business of Credit Suisse in Switzerland and Liechtenstein.
Vanguard is one of the big three providers of passive investment products. Its biggest rivals are Blackrock and State Street. Vanguard also sells actively managed funds.
Online Platform in the U.K.
At the end of May, the company managed assets worth $4.4 trillion. It has $140 billion of managed assets in Europe. Vanguard recently launched an online platform through which it sells its ETFs directly to the individual customer.
