Vanguard European ETF Veteran Rampulla Leaving

Amma Boateng, who leads the broker-dealer channel at the unit, will replace veteran executive Tom Rampulla on Jan. 1.

Reviewed by: Staff
Edited by: Mark Nacinovich

Vanguard Group, the second-biggest U.S. ETF issuer, said Tom Rampulla, the long-time leader of its advisor services unit, is leaving the company after 35 years at the end of the year and will be replaced by Amma Boateng. 

Malvern, Pennsylvania-based Vanguard, which manages $2.29 trillion in 83 ETFs, said Rampulla helped establish the firm's European exchange-traded fund business before being tapped to lead the Financial Advisor Services division in 2015. 

Rampulla "set the course for our European business, launching our European ETF franchise and introducing our mission and investment philosophy to U.K. investors," Vanguard Chairman and CEO Tim Buckley said in a statement. Rampulla joined Vanguard in 1988.

Vanguard, whose biggest ETF is the $361.2 billion Vanguard 500 Index Fund (VOO) said that while Rampulla led FAS, the unit grew to managing more than $3 trillion in assets and serving more than 150,000 financial advisors. Vanguard itself has more than $7 trillion in assets under management and 50 million-plus investors.

Vanguard's European ETF Business 

Vanguard is the second-largest ETF issuer after BlackRock Inc.'s iShares unit, which manages $2.49 trillion in 409 U.S. ETFs. Vanguard ETFs can be found in fixed-income and equity classes, and the average expense ratio is 0.09%. 

In Europe, Vanguard manages $114 billion in 89 ETFs domiciled in Ireland. Europe is Vanguard’s second-largest ETF market after the U.S. 

Last month, Vanguard announced that it had closed its direct-to-consumer (D2C) investment platform in Germany less than two years after it opened. The company at the time said a strategic review of its German business determined it had not achieved the “necessary scale to operate efficiently”.

The group entered the German market in 2017, offering investors access to its funds via financial intermediaries and investment platforms before launching a personal investment platform in February last year.

Boateng joined Vanguard in 2004 and currently leads the broker-dealer channel within FAS, which serves large, independent and regional broker-dealers. Previously, she built and led Vanguard’s "advisor solutions" function, responsible for delivering value-added capabilities and resources to the company's financial advisor clients. 

Lou Carlozo is editor and publisher of Talking Biz News, a business journalism website. He is also the host and creator of the Bankadelic podcast, and a Pulitzer Prize finalist and Polk Award winner as a team reporter. Carlozo is also a former Chicago Tribune columnist, editor and staff writer.