Vanguard Asset Management, a UK-based subsidiary of the Vanguard Group, has bolstered its European management team with the appointment of Axel Lomholt as head of its European product development and management function.

Lomholt, who will be based in London reporting to managing director Tom Rampulla, joins Vanguard from Blackrock, where he spent six years as managing director and head of iShares' product development for EMEA. Prior to Blackrock, Lomholt held the role of head of global indexing at HSBC Global Asset Management.

In his new role, Lomholt will be responsible for managing the continued build-out of Vanguard’s product range and its ETF capital markets team, as well as providing technical support to the company’s client-facing functions.

Vanguard recently launched its first suite of European-domiciled exchange-traded funds, which have garnered assets of roughly £170 million (around $273 million) since launch. The pan-European business serves retail, IFA and institutional investors, including pension schemes, insurance companies, multi-managers, funds-of-funds and sovereign wealth funds. Vanguard’s European headquarters are in London, with regional offices in Zurich, Paris and Amsterdam.