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Active(ly) charting a global journey

US mutual fund giant Vanguard pivots from indexes to active products as it pushes into Europe and Asia-Pacific for growth amid a major leadership shake-up.

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An inexorable tide towards fee-based advising has acted as a tailwind in the US and overseas, says Mr McNabb, who is stepping down as Vanguard's CEO this year.

WALKING through Vanguard Group's headquarters in Malvern, Pennsylvania is a lesson in naval history. Paintings of the 18th-century ship that inspired the company's name jostle with seascapes and a framed letter from legendary British admiral Horatio Nelson. Even the campus itself conjures tales

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