News release

Vanguard Announces Key Appointments In Fixed Income Group

Long-time fixed income leader Ken Volpert to retire 

VALLEY FORGE, PA (March 23, 2018)—Vanguard today announced four key appointments within its Fixed Income Group as part of the firm's long-standing practice of periodically rotating investment professionals to broaden their experience and strengthen and deepen the firm’s equity and bond management teams. 

“We have employed rotations as a way to build global investment teams that are deep, diverse, and experienced. Along with low costs, our investment teams are a source of competitive strength and the primary driver of fund performance over time,” said Vanguard Chief Investment Officer Greg Davis. 

Among the changes:

  • Paul Jakubowski, global head of the Taxable Credit Group, will be assuming the position of head of Investments-Europe and global head of Fixed Income Indexing, responsible for all of Vanguard’s bond indexing operations worldwide. Vanguard manages $746 billion in indexed bond assets in 112 funds and ETFs. Mr. Jakubowski, who has worked in investment management since joining Vanguard in 2000, replaces Ken Volpert, who is retiring in August.
  • Christopher W. Alwine, head of Municipal Investment, will assume Mr. Jakubowski’s previous responsibilities, overseeing the active corporate bond portfolio management and trading teams in the U.S., Europe, and Asia-Pacific. In addition, he will be responsible for the oversight of the global taxable credit research team and the Stable Value Group. Mr. Alwine joined Vanguard in 1990 and has more than twenty years of investment experience.
  • Paul Malloy, currently head of fixed income in Europe, will assume Mr. Alwine’s role leading the municipal bond team of 30 investment professionals who manage more than $183 billion in 12 municipal bond funds. Mr. Malloy joined Vanguard in 2005 and the Fixed Income Group in 2007, and has held various portfolio management positions in Vanguard’s offices in London and the United States.
  • Christopher Wrazen, CFP®, manager of the $103.5 billion Vanguard Total International Bond Index Fund, will move to manage the Bond Index Group in Europe. Mr. Wrazen has been with the Fixed Income Group since 2008 and his team currently manages more than $200 billion in more than 20 bond index fund portfolios. Josh Barrickman, head of fixed income indexing – Americas, will become sole portfolio manager on nine funds, including Vanguard Total International Bond Index Fund. 

Mr. Volpert joined Vanguard in 1992 and managed Vanguard Total Bond Market Index Fund from 1992 to 2014. He assumed the position of head of Investments-Europe and global head of Fixed Income Indexing in 2014. 

“Ken was instrumental in the development of Vanguard’s global bond index fund lineup, as well as ETF shares for Vanguard’s bond index funds. He also helped build out our European investment team as Vanguard globalized its investment management function” said Mr. Davis. “Ken was a tremendous influence on my career, and a great mentor and developer of talent during his 26-year tenure at Vanguard.” 

A global fixed income leader

Vanguard Fixed Income Group is one of the largest bond fund managers in the world with more than $1.4 trillion under management, across both index and actively managed funds. Since its inception in 1981, the group has continually expanded its capabilities to manage both active and indexed domestic and international bonds, municipal bonds, money market securities, and stable value assets. Vanguard has put a particular focus on building its management and research teams in the emerging markets sector in recent years. 

In addition, the company has expanded its fixed income product line-up, adding to its U.S. actively managed bond fund lineup over the past several years by launching Vanguard Emerging Markets Bond Fund and Vanguard Core Bond Fund in 2016, and Vanguard Ultra-Short-Term Bond Fund in 2015. 

Vanguard has also extended its U.S. bond index and ETF lineup, introducing Vanguard Total Corporate ETF in 2017; Vanguard Tax- Exempt Bond Index Fund/ETF in 2015; and Vanguard Total International Bond Index Fund/ETF and Vanguard Emerging Markets Government Bond Index Fund/ETF in 2013.

# # #

About Vanguard

Vanguard is one of the world’s largest investment management companies. As of February 28, 2018, Vanguard managed more than $5 trillion in global assets. The firm, headquartered in Valley Forge, Pennsylvania, offers 395 funds to its more than 20 million investors worldwide. For more information, visit

All asset figures are as of February 28, 2018.

For more information about Vanguard funds and Vanguard ETF Shares, visit or call 800-997-2798 to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing.

Vanguard ETF Shares are not redeemable with the issuing Fund other than in very large aggregations worth millions of dollars. Instead, investors must buy and sell Vanguard ETF Shares in the secondary market and hold those shares in a brokerage account. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying and receive less than net asset value when selling.

Vanguard Marketing Corporation, Distributor

U.S. Patent Nos. 6,879,964; 7,337,138; 7,720,749; 7,925,573; 8,090,646; and 8,417,623.

All investing is subject to risk, including possible loss of principal.

The Emerging Markets Government Bond ETF is subject to the risk that an issuer will fail to make payments on time, and that bond prices will decline because of rising interest rates or negative perceptions of an issuer’s ability to make payments. The ETF seeks to track the performance of an index that measures the investment return of dollar-denominated bonds issued by governments of emerging market countries (including government agencies and government-owned corporations). Because the ETF invests only in U.S. dollar-denominated bonds, U.S.-based shareholders are not subject to currency risk, although if an issuer’s home currency declines relative to the U.S. dollar, it could negatively affect perceptions of the issuer’s ability to make payments, which could cause the issuer’s bonds to decline in value.

The Emerging Markets Government Bond ETF is subject to risks including country/regional risk, which is the chance that political upheaval, financial troubles, or natural disasters will adversely affect the value of securities issued by foreign governments, and emerging market risk, which is the chance that bonds of governments located in emerging markets will be substantially more volatile and substantially less liquid that the bonds of governments located in more developed foreign markets.