Vanguard has been a positive force in democratizing investing, helping to give tens of millions of investors the best chance for investment success,”

Vanguard Group has hired a former executive at its rival, Fidelity Investments, to head a new advice and wealth management division beginning in January.

Vanguard will establish a new Advice & Wealth management division aimed at enhancing current capabilities, to be led by former Fidelity executive Joanna Rotenberg, who will take the role in January and serve as a managing director and member of the firm’s senior leadership team.

The asset management giant's new division, set to launch next year, comes as the firm announces other hires to shake up its leadership.

Vanguard, the closely held company known for popularizing passive ETFs, will create a new Advice & Wealth Management division, and is bringing in an outsider to head it up, the company said Monday. Joanna Rotenberg will join the company in January 2025 to head the new division as a managing director and a member of the company's senior leadership

Joanna Rotenberg will join Vanguard in January 2025 as managing director and member of the company’s senior leadership team.