“Recognising the rapid development and huge potential of China, Vanguard is intensifying its build-out in Asia,” the firm said in a statement.
Cermak is currently the head of Vanguard Japan. Based in Hong Kong, he will continue to oversee the Japanese business until a successor is named, the firm noted.
Shelly Painter, regional managing director for Vanguard Asia, will be relocated to the US to lead the company’s enterprise risk management function.
Meanwhile, Charles Lin, currently the head of Greater China, will become the head of China, who “will take on full responsibility for mainland China’s build out, a strategic focus for the international business.
“Vanguard’s mission to bring down the cost of investing and treat our investors fairly will resonate with investors across the region, particularly China, where we see great potential for helping investors meet their long-term financial objectives.”
The management changes will be completed by the end of this year.
Vanguard so far has a representative office in Beijing. In a briefing on Monday, Lin said some onshore QDII funds – onshore funds that invest in overseas markets using designated quota under the Qualified Domestic Institutional Investor scheme – already invest in US-listed Vanguard ETFs as underlying assets.
