Index fund manager Vanguard Investments Australia (Vanguard) is expanding its adviser sales and distribution team with the introduction of new offices in Western Australia and Queensland.
Vanguard will expand its service offering to advisers based in New South Wales and Victoria as well by recruiting more people to its already established adviser sales and distribution teams in both states, Vanguard head of retail Robin Bowerman said.
"Vanguard is expanding its distribution team following feedback from advisers and healthy demand for its low-cost index managed funds," Bowerman said.
"In good times advisers are reluctant to change manager lines but in the last 12 months extraordinary markets have meant that advisers are now looking hard at how they've built their portfolios ... and whether managers have delivered on their promises."
Another reason for the expansion includes Vanguard's plans to introduce exchange traded funds to Australian investors, with further news of the product line-up soon to be released to the market.
Orchard Funds Management state manager Eu-Jene Teng has joined Vanguard as business development manager for Western Australia.
He joins the group with more than nine years experience in the West Australian financial services industry, including six years with Macquarie Adviser Services in senior business development manager roles.
Vanguard's Queensland office currently employs an institutional client relationship manager and the position of state business development manager is now being shortlisted, Bowerman said.
"We are pleased to have the opportunity to expand and grow our adviser services base and strengthen our presence in Australia in the current economic climate," he said.
Demand and results within each state will determine whether adviser sales and distribution teams are expanded further.
