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Money Management

Vanguard to close Singapore office by the end of the year

Vanguard Group

Vanguard Group will close its Singapore office by the end of 2018.

The decision to shutter Vanguard Investments Singapore Pte. Ltd., established in 2003, followed a "global strategic review" and is in line with broader efforts to streamline client service and operational activities across Asia, according to an emailed statement from Vanguard.

Vanguard will "consolidate its Singapore operations and distribution activities under Vanguard Investments (Hong Kong) Ltd. in Hong Kong," the statement said.

The Singapore office has 11 employees, three of whom — Richard Wane, the firm's head of Singapore; Heston Goh, head of institutional sales, Singapore; and Steven Chua, head of intermediary sales, Singapore — are listed on the company's website.

The statement held out the possibility that some Singapore employees could be redeployed to other Vanguard offices in the region but said it's too early to speculate.

Vanguard established its first Asia-Pacific office in Australia in 1996, followed by Tokyo in 2000, Singapore in 2003, Hong Kong in 2011, Beijing in 2014 and Shanghai in 2017.

Messrs. Wane, Goh and Chua couldn't immediately be reached for comment.

The statement said Vanguard believes the consolidation "will increase efficiencies and enable us to better serve our clients in the Asian market."

The Singapore office oversaw a total of $37.5 billion of separately managed account assets for clients in the region as of March 31. The statement said Vanguard will work closely with clients over the coming months to ensure an orderly transition.