The calendar may now say it is fall, but the latest move at Vanguard may hint at spring that for the fund industry. According to a published report (Phoenix Business Journal: Vanguard Group to hire 150 in major expansion
), the fund firm is quickly expanding staff in its Phoenix-area operations center.
Not only has Vanguard hired "hundreds" so far this year in North Scottsdale, it is planning to hire another 150 before the end of the holiday season this winter. The center now employs 1,200 workers according to the report.
"Most of the positions are in our client-service areas, although we have added positions selectively across the organization in personal financial planning, brokerage and small-business services," a Vanguard spokesperson told the publication.
The question for the fund industry may be whether Vanguard is a bellwether for the industry or a red herring. The fund firm has pulled in assets at an industry leading pace this year. Whether its funds appeal because it side-stepped the fund scandals, indexing is in vogue or that it is just capturing its share as the leader in a rebounding industry is the open question.
One clue to the answer may also be provided in the article: Wells Fargo Bank, American Express and USAA also are hiring in Phoenix.
Stay ahead of the news ... Sign up for our email alerts now