Vanguard Appoints Justin Schwartz Head of Municipal Bonds

The Vanguard Group announced a leadership transition in its municipal bond division following the departure of Paul Malloy. Malloy, who spent more than 20 years at the firm, previously managed more than 20 mutual funds and ETFs and oversaw approximately $300 billion in municipal assets with a team of 50.

To fill the vacancy, Vanguard appointed Justin Schwartz as the new head of municipals. Schwartz previously served as the manager of municipal exchange traded and money market funds.

In a related move, the firm appointed John Grimes to the role formerly held by Schwartz. This position includes oversight of Vanguard's largest municipal bond exchange traded fund.