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 of derring-do, with buildings swooping along a shallow curve, as if tracing a galleon from stern to bow.
This maritime heritage is taking on new significance as the US$4.4 trillion US-based firm looks overseas for growth amid the biggest leadership shake-up in almost a decade. Vanguard is pushing into Europe and the Asia-Pacific, but it's de-emphasising the index-tracking products that brought in about...
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