(Bloomberg) -- Vanguard Group Inc. is planning to open an office in Manchester as the $7.5 trillion asset management giant presses ahead with its European expansion.
The new 14,000-square-feet facility, proposed at St. Peter’s Square in the northwestern English city, is meant to accommodate more UK staff as the US company’s London base has reached capacity, a spokesman said. The number of local hirings isn’t yet known, he added, without saying when the premises will be operational.
Growing in Europe is a priority for the Malvern, Pennsylvania-based titan, which has been retreating from China, a market where it once saw significant potential. The company has about 900 employees across Europe, including London, and manages only $272 billion on behalf of clients in the region. It is also moving to new offices in Berlin where it has been expanding in recent years.
Vanguard’s Manchester plan, previously reported by the Telegraph, also comes weeks after the asset manager announced its intention to shut down its UK financial planning arm that was struggling to attract clients two years after launch. At the start of last year, it had hired dozens for its personal investor business in London.
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