MONEY MANAGEMENT

Vanguard Group names head of institutional sales

Gerry Burke was named head of institutional sales for Vanguard Group's $900 billion institutional investor group, spokeswoman Laura R. Edling said.

Mr. Burke replaced Matthew McCarthy, who became a principal and senior leader for Vanguard's finance division.

Mr. Burke will be responsible for overseeing new business development for Vanguard's defined contribution, defined benefit, non-profit and institutional advisory businesses. He will report to Martha G. King, managing director and head of the institutional investor group.

Mr. Burke was a regional sales manager for Vanguard's financial adviser services.

Vanguard had more than $3.5 trillion in assets under management as of June 30.