Vanguard Investments has hired Simon Good from Colonial First State Global Asset Management to join its Melbourne sales team.

Good is responsible for selling Vanguard funds, which track Australian and global stock market indexes, to institutional investors such as superannuation and insurance funds as part of a seven-person sales team in Melbourne. He starts today.

Geoff Diamond, who leads Vanguard’s institutional business in Australia, said that Good was taking a new position at the company.

At CFS GAM, Joanna Davison, regional managing director for Australia and New Zealand, said: “With Simon’s departure, we are taking the opportunity to review the institutional relationship management market in both Melbourne and Sydney. Ultimately, we want to ensure we have the right people in the right markets.”

Vanguard manages about $60 billion from Australian institutional and individual investors. Founded by John Bogle in 1975, it created the first index-tracking fund in 1976 and now oversees about US$1.7 trillion in US mutual fund assets.