The head of marketing at Vanguard Investments, Colin Bold, will leave the manager at the end of the year.
Bold would pursue another position in the funds management industry in Sydney after resigning from the Vanguard office in Melbourne for family reasons at the end of the year, Ian Alcock, managing director of Vanguard in Australia, said.
“It was a personal decision of his to resign and return to Sydney for family reasons,” Alcock said.
A review was underway to determine the structure of Vanguard’s marketing team that would probably see Bold’s responsibilities shared by existing staff to cover institutional, advisory and direct distribution channels run by Vanguard, Alcock said.
Robin Bowerman, head of retail at Vanguard, would absorb all of Bold’s duties until the review was finished, and was expected to permanently take on direct marketing responsibilities.
“We’ve got enough flexibility in the team. Some people will step up,” Alcock said.
He said the manager’s marketing structure had changed continually in the 12 years since it began operating in Australia.
“When we realised that Colin was going to move on we asked whether this was the time to commit to appointing marketing heads of each channel.”
Bold joined Vanguard from an adviser distribution role at Commonwealth Bank of Australia in early 2006. Alcock said the index manager was pleased with Bold’s “focused approach” towards “getting indexing recognised in the financial adviser channel”.
Bold confirmed that he planned to remain in the industry and was pursuing roles based in Sydney.