Vanguard’s European head of investment strategy retires

Vanguard’s European head of investment strategy and chief economist, Peter Westaway, will retire at the end of March.

Westaway is stepping down after a decade in his role as Europe’s top executive.

As European head of Vanguard’s investment strategy group, Westaway’s views influenced the company’s fund allocation, including the £36 billion Lifestrategy range.

He will be replaced by Jumana Saleheen who will be based in London and will officially step into the role of Westaway on April 1.

Vanguard said Saleheen has extensive experience having most recently served as chief economist and head of sustainability at CRU, an economic consultancy in London.

Saleheen also held several senior positions at the Bank of England between 2008 and 2018, including as Division Head in the Financial Stability and International Directorates.

She holds a PhD in Economics from University College London, and a BSc and MSc from the London School of Economics.

Vanguard said that during his time with the firm, Westaway’s wealth of experience in macroeconomics and policymaking has served his clients around the world.

“He has also built and developed an extremely strong and talented ISG team in Europe,” the company said.

“Vanguard would like to take this opportunity to thank Peter for a decade of service to the company and our customers, and we wish him all the best in his future endeavours.”

In October, Westaway said the company was “reducing” the home bias in its Lifestrategy line.

At the time, he said this was done in part because of the evolving “business case” surrounding the issue.

The Lifestrategy range has traditionally had much more exposure in the UK than the rest of the market.

Currently, the Vanguard Lifestrategy 100% Equity fund has a 22% exposure to the UK, while the Investment Association Global sector has a 7.3% exposure to the UK.

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