Paul Malloy, who oversaw roughly $300 billion in municipal assets at investment titan Vanguard Group, has left the firm after over two decades.
Justin Schwartz, who managed Vanguard's municipal exchange traded and money market funds, will take over as head of municipals, said a Vanguard spokesperson. John Grimes was appointed to Schwartz's role, which includes overseeing the largest muni bond exchange traded fund.
"Paul Malloy has decided to leave Vanguard to pursue other opportunities," spokesperson Jessica Schifalacqua said in an email. Malloy didn't immediately respond to a voice mail seeking comment.
Malloy, who has an MBA from the University of Pennsylvania's Wharton School, joined Vanguard in 2005 as a financial analyst. He rose up the ranks from bond trader to head of fixed income in Europe before taking over the firm's municipal bond business, according to his LinkedIn profile.
As head of municipals, Malloy led a team of 50, his profile showed. He oversaw more than 20 mutual funds and ETFs, according to data compiled by Bloomberg.
