Vanguard Group has recruited more than 60 people in its UK personal finance division over the last year but is planning to expand its hiring spree in the coming months.
According to Bloomberg, the US asset manager wants to hire dozens more staff for the unit which includes its newly created financial advice operation.
The report said that the hiring spree is being carried out to deal with rising client numbers.
Sean Hagerty, head of Europe, said to Bloomberg, as confirmed to International Adviser, that the hires, which have so far included financial planning experts, will focus mainly on client services roles.
Close the gap
The asset manager is looking to disrupt the UK advice industry with a low-fee offering and options for do-it-yourself investing.
Hagerty added: “We want to close the gap in the UK between people who need advice and people getting advice. We grow our staff based on how many clients we are going to get.”
Hagerty said the firm is expecting the number of new clients in the division will be between 180,000 to 200,000 a year.
The business has almost doubled in the past 12 months to 370,000 clients, he added.
The plans to move into the advice sector will expand beyond the UK, as Hagerty said that, in Germany, the firm will launch a similar investment service by the end of the first quarter of 2022.