(Reuters) - Vanguard Group, the No. 1 U.S. mutual fund company, appointed Michael Rollings as chief financial officer and head of its finance division.
The Valley Forge, Pennsylvania-based company said Rollings, most recently CFO of life insurance company MassMutual Financial Group, will join Vanguard next month.
Vanguard, which managed more than $3.5 trillion in global assets as of April 30, said Rollings would assume leadership of the finance division from Managing Director Glenn Reed.
The CFO role at Vanguard is being “re-created” as it was without a CFO since 2008, a company spokesman said on Wednesday.
After Ralph Packer retired in 2008, Reed assumed responsibility of Vanguard’s finance operations.
Reed will remain a member of Vanguard’s senior leadership team and head the newly formed strategy division, the company said on Wednesday.
MassMutual confirmed the move and said chief enterprise risk officer Elizabeth Ward would replace Rollings.
Reporting by Nikhil Subba in Bengaluru; additional reporting by Ross Kerber in Boston; Editing by Maju Samuel