Money Management

Vanguard hires head of continental Europe distribution

Thomas Merz was named head of European distribution excluding the U.K. at Vanguard Group, said a spokesman.

The position is new. Mr. Merz is responsible for expanding Vanguard's presence in both new and established markets in continental Europe. He reports to Sean Hagerty, head of Europe.

"We're delighted to have (Mr. Merz) join the team. His experience, knowledge, and record of success in the exchange-traded funds industry will be of great benefit as we continue to expand our high-value, low-cost proposition across Europe," Mr. Hagerty said in a news release.

Vanguard has more than $140 billion in European assets under management as of May 31.

Mr. Merz joined from UBS Asset Management, where he was head of ETFs Europe. A spokeswoman was not available to comment about a replacement by press time.