Vanguard Group opened a new office in Philadelphia focused on developing services for clients.
Located at 2300 Chestnut St. in Center City, the Vanguard Innovation Studio — the first of its kind for the Malvern, Pa.-based money manager — opened its doors on July 18, said Vanguard spokeswoman Arianna Stefanoni Sherlock.
The 16,000-square-foot, newly renovated Innovation Studio spans two floors and is designed to enable employees and external partners to work on new projects to serve current and future client needs, including creating innovations within technology and product development.
"Specifically, it's a place away from the daily demands of the business, where a specific group of people can dedicate their time to thinking about what's next for Vanguard," said Ms. Sherlock.
She added that the Innovation Studio was opened to ensure that Vanguard was both continuing to innovate and "make other divisions of Vanguard leverage what these teams are working on."
The Innovation Studio currently houses about 40 people but can accommodate up to 100 employees and external partners.
Vanguard managed $4.4 trillion in global assets as of June 30.