Written by Jon Cleborne, current head of Personal Investor advice in the US, to succeed Sean Hagerty
Vanguard announced today the appointment of Jon Cleborne as head of Europe, succeeding Sean Hagerty who has led the business since 2016. Mr. Cleborne currently serves as head of Vanguard’s award-winning Personal Investor advice service in the US, leading US direct-to-consumer investment advisory and financial planning offers. He will report to Chris McIsaac, managing director and head of Vanguard’s International division.
Mr. Hagerty will continue in his current role until June 2024, when Mr. Cleborne will assume the role and move to the UK. Mr. Hagerty will relocate back to Vanguard’s US headquarters.
Chris McIsaac, managing director and head of Vanguard’s International business, commented, “We are thrilled that Jon is taking the reins in Europe. A 20-year Vanguard veteran, Jon’s wealth of experience and global perspective will be instrumental to our focus on serving financial intermediaries and individual investors at a time of significant momentum for Vanguard in Europe. In 2023, clients entrusted us with $26 billion in net cash flow, marking a record year for the business. It is testament to Sean’s strong leadership that our offer is resonating, and we are helping many more people achieve their investment goals.”
Mr. Cleborne joined Vanguard in 2003 and has held various senior leadership roles within Vanguard serving financial advisers and individual investors. Prior to leading Personal Investor advice, he was the global head of Portfolio Review, responsible for overseeing the firm’s global fund range, investment manager selection for Vanguard’s active funds, and product development.
Under Mr. Hagerty’s leadership, Vanguard’s European business has grown to nearly $360 billion in assets under management as at the end of March 2024.The company has built and deepened relationships with intermediaries in several markets including, Germany, Italy, and Switzerland. In the UK, Vanguard funds are now used by 80% of independent financial advisers, and the company serves more than 550,000 UK investors directly. Vanguard’s Personal Investor Service is one of the fastest-growing direct-to-consumer investment platforms in the UK.
Sean Hagerty remarked, “Leading our European business has been a tremendous privilege. We have worked hard to earn the trust of our clients and demonstrate that investing doesn’t need to be costly or complicated. There’s still more that can and should be done across the industry, and I know Jon will continue to lead the charge to help investors achieve better outcomes.”
