Sign up today and take advantage of member-only content — the kind of timely, cutting edge industry insight that only Money Management Executive can deliver.
  • Exclusive Online Only Content
  • Free Daily Email News Alerts
  • Asset Management Blogs

Vanguard Exits Custody Biz For Intermediary Market

Due to the growing complexities of the custody business and the few assets it has supervised, Vanguard will cease acting as custodian for the intermediary market. Instead, the firm said it will improve investment support, although it did not specify how.

"Quite frankly, we have not always made it easy for [financial advisers] to do business with us," conceded Martha Papariello, principal, Vanguard Institutional Investments Group.

To accommodate advisers who have relied on Vanguard as custodian of their assets, the firm has made arrangements with TD Waterhouse Institutional Services.

Copyright 2003 Thomson Media Inc. All Rights Reserved.