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Vanguard’s European arm reports 33% profit drop as headcount rises by almost 200
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Profit at the European arm of fund management giant Vanguard dropped by a third last year, as the business incurred higher expenses and personnel costs after adding almost 200 people to its books.
Vanguard Asset Services — which incorporates the US asset manager's businesses in the UK, Ireland, France, the Netherlands, Germany and Switzerland — generated a £17.5m profit in 2021, down 33% from £26.1m the previous year, according to accounts filed with Companies House.
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