Vanguard Australia cuts 40 roles amid restructure
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The news: Vanguard Australia has cut 40 roles across the organisation as it restructures what it says is a maturing business.
The numbers: A spokesperson for the Australian arm of the $14 trillion investment giant told Capital Brief that the eliminated jobs were mostly concentrated in its IT, marketing and platform departments.
However, the business is hiring 20 more to fill skill shortages. Some of the recent redundancies were expected to be redeployed.
The context: The company rejected the suggestion that the changes were made in response the slower than expected uptake of its superannuation products, which manage nearly $1.5 billion in retirement savings on behalf of around 10,000 members. Vanguard Super launched in November 2022.
According to the Association of Superannuation Funds of Australia (ASFA), at the end of the March quarter total superannuation assets were at $3.9 trillion.
Vanguard opened its Australian operation in 1996, runs 69 funds and manages more than $120 billion.
What they said: "Like any growing business, ongoing consideration is given to how the business is organised to continue to deliver the best results for our clients," a spokesperson told Capital Brief.
"This organisational change is about ensuring we have the right skills in place as our business continues to mature."
Note: An earlier version of this briefing incorrectly stated that Vanguard had cut 60 roles.
The sources: Vanguard Australia, ASFA super statistics
