Joseph P. Brennan, principal, was appointed global chief risk officer, a new position, by Vanguard Group.
Mr. Brennan also became a member of the firm's senior leadership team, confirmed Laura Edling, a Vanguard spokeswoman.
Vanguard is consolidating all of its risk functions — enterprise risk management, investment risk management and physical security — into a single unit, headed by Mr. Brennan.
"We believe centralizing our risk management functions under a single senior leader will benefit both our clients and Vanguard," said Mortimer "Tim" J. Buckley, Vanguard's CEO, in a news release.
"Joe's vast and varied investment management and leadership experience both in the U.S. and abroad make him the ideal candidate to integrate and enhance our capable and strong global risk management teams," Mr. Buckley added.
Mr. Brennan joined Vanguard in 1991 and mostly recently was head of Vanguard's equity index group.
C. Rodney Comegys, principal and head of Vanguard's risk management group, was appointed as Mr. Brennan's successor.
Manish Nagar, principal, now heads the firm's risk management group, Ms. Edling said. He was global head of investment risk.
Vanguard's assets under management as of Aug. 31 totaled $5.2 trillion.