The Vanguard Group has promoted Amma Boateng to head its financial adviser services division, the firm announced Tuesday.
Boateng will replace the outgoing Tom Rampulla, who will retire as managing director and head of the asset manager’s Financial Advisor Services group. Boateng, currently head of the broker/dealer channel within the division, will take the managing director position and join Vanguard’s senior leadership team, effective January 1.
Boateng joined Vanguard in 2004 and has worked in the firm’s investment management, finance and personal investor divisions, according to the announcement. She helped build and lead its adviser solutions business responsible for technology, portfolio solutions and thought leadership.
As head of the broker/dealer channel, Boateng led the team serving wirehouse, independent and regional broker/dealers with investment products and services.
“Amma has been central to building a sophisticated offer for our financial adviser clients,” Tim Buckley, Vanguard’s CEO and chairman, said in a statement. “She brings deep expertise in global capital markets, strong digital acumen, and a passion for helping advisors drive investment success for individual investors.”
Rampulla took the helm of the advisory division in 2015, growing it to $3 trillion in assets and more than 150,000 financial advisers in investments, services, education and research. When his appointment was announced, the division oversaw $1 trillion in assets, according to an announcement at the time.
He joined the firm in 1988 and held leadership roles including expanding distribution of the firm’s exchange-traded-fund products and as the first head of Vanguard’s U.K. and European operations.
“For more than 35 years, Tom has worked tirelessly for Vanguard clients and crew,” Buckley said. “His passion for serving individual investors and those who serve them has elevated the FAS business to new heights—investing in crew, leveraging technology, and redefining service.”
Vanguard is the country’s largest provider of target-date funds by assets, followed by Fidelity Investments and Capital Group’s American Funds, according to data from Simfund, which, like PLANADVISER, is owned by ISS STOXX.