Asia Head for Money Manager Vanguard Leaves Job
Chinese financier Charles Lin, Asia head of Vanguard Group Inc., has left the major American money manager after leading its expansion across the region since taking on the role in late 2018, Caixin has learned.
Axel Lomholt, currently head of portfolio review for Asia, is serving as an interim Asia chief until Vanguard finds a permanent replacement, a representative of the firm told Caixin.
The representative declined to comment on why Lin left the company, saying that its business plans and organizational structure in Asia remain unchanged.
Lin declined to answer Caixin’s enquires about his departure.
Multiple people at foreign investment firms described Lin as young and capable, saying that it is rare for a Chinese mainlander to take up such a senior position at a leading global asset management firm.
Lin was appointed as Vanguard’s Asia head in October 2018, according to his LinkedIn profile. During his tenure, the financial veteran also served as chairman of Vanguard Investment Management (Shanghai) Ltd., Vanguard’s wholly-owned China business. He joined Vanguard in September 2011 and was made Greater China chief in July 2014.
In December, Vanguard received approval to offer investment advisory services in China through a joint venture with Chinese fintech giant Ant Financial Services Group, an affiliate with e-commerce giant Alibaba Group Holding Ltd.
That approval comes as the country is further opening its financial sector to foreign investors. Vanguard also plans to set up a fully foreign-owned mutual fund firm, which would allow it to sell onshore products to the public, Lin said in a previous interview with Caixin (link in Chinese). China will begin accepting such applications in April, when the cap on foreign ownership of such firms is abolished.
Wang Duan and Zhang Lijun contributed to this report.
Contact reporter Tang Ziyi (firstname.lastname@example.org)
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