Roughly 1,300 Vanguard Group record-keeping employees are leaving the firm to take on comparable positions at Infosys, Vanguard spokeswoman Emily Farrell confirmed in an email.
The move is part of a deal between the two companies whereby Infosys will assume the day-to-day operations supporting Vanguard’s DC record-keeping business. The transferred staff will relocate to Infosys locations near Vanguard’s offices in Malvern, Pa.; Charlotte, N.C.; and Scottsdale, Ariz.
Vanguard’s relationship management teams, strategic plan design and communication staff will continue to service the firm’s plan sponsor clients. Vanguard will also oversee all aspects of its investment management and guidance for both sponsors and participants, including ongoing development of its personal advice services.
As part of this deal, Martha King, managing director and head of Vanguard’s institutional investor group, will also leave the firm to be chief client officer of Infosys and head the India-based company’s new Mid-Atlantic Retirement Services Center of Excellence.
Ms. King will oversee the new center, which will be the global retirement services hub for Infosys. Vanguard will serve as the firm’s anchor client.
Within Vanguard, John James, chief human resources officer, will replace Ms. King as head of the institutional investor group. Lauren Valente, head of participant services and operations at Vanguard, will assume the role of chief human resources officer.