Michael Lovett, head of super at Vanguard Australia, will leave the company at the end of February – three months after he launched the firm's superannuation offering.
Mr. Lovett has worked at Vanguard for 11 years, leading business teams in both Australia and the U.S., the firm said in a statement on Tuesday. In 2020, he returned to Australia to establish Vanguard Super, which launched in November. Details on his future plans were not immediately available.
Shannon Nutter, head of proposition and experience, will take over the role until a replacement is announced, a spokeswoman said.
"We are well progressed on the replacement for Michael's role and will announce details in due course," the spokeswoman said.
Vanguard had $7.2 trillion in assets under management as of Dec. 31. The spokeswoman declined to provide details on Vanguard Super's assets and the number of participants it has, but said more than 1,000 participants joined on its first day of operation and the fund has "seen a consistent flow of members joining and rolling over funds every day since then. It is too early to talk numbers at this stage."
She also said that the firm plans to follow through on projects that were announced late last year, including an added pension offering and a portal that provides adviser access to manage client accounts.
Mr. Lovett, an Australian national, was previously head of the registered investment adviser group at the Vanguard head office in the U.S.