Vanguard Group has hired a former executive at its rival, Fidelity Investments, to head a new advice and wealth management division beginning in January.

Vanguard has been a positive force in democratizing investing, helping to give tens of millions of investors the best chance for investment success,”

The asset management giant's new division, set to launch next year, comes as the firm announces other hires to shake up its leadership.

Another clue to Vanguard's commitment to wealth management is its CEO: Ramji, who took over from Tim Buckley in July, previously served as BlackRock 's head of U.S. wealth advisory and head of McKinsey's asset and wealth management practice.

Vanguard, one of the largest money managers in the world, is hiring Canadian executive Joanna Rotenberg to lead its newly created advice and wealth management division.

The new division will be headed by a former Fidelity executive and be separate from Vanguard’s Personal Investor segment.

Vanguard will establish a new Advice & Wealth management division aimed at enhancing current capabilities, to be led by former Fidelity executive Joanna Rotenberg, who will take the role in January and serve as a managing director and member of the firm’s senior leadership team.

Vanguard announces the creation of a new Advice & Wealth Management division led by industry veteran Joanna Rotenberg, aiming to offer new services

Money manager Vanguard said on Monday it will establish a new advice and wealth management division led by industry veteran Joanna Rotenberg. The move comes as leading asset managers expand their wealth management services to meet growing client demand in the backdrop of an increasingly complex and volatile investment landscape.