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Vanguard muni bond head paul Malloy departs investment titan. by Bloomberg News August 5, 2026 Photo credit: Bloomberg. 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, acccording to data compiled by Bloomberg. Summit Trail Advisors, which has around 100 employees, focuses "exclusively" on ultra-wealthy clients. Aug 5, 2026 Aug 4, 2026

Goldman, T. Rowe debut their first interval fund for the masses. The T. Rowe Price Goldman Sachs Private Markets Fund will be open to all, with no accreditation needed, and will have a minimum investment limit of $2,500. July 27, 2026 (Bloomberg) - Goldman Sachs Group Inc. and T. Rowe Price Group Inc. are launching their first interval fund for the masses as Wall Street races to bring private investments to Main Street. The T. Rowe Price Goldman Sachs Private Markets Fund, which will invest across four alternative asset classes, will be open to all, with no accreditation needed, and have a minimum investment limit of $2,500, according to an emailed statement. Goldman Sachs Asset Management will provide allocations in private equity, private infrastructure and real estate, while T. Rowe will contribute the liquid part of the fund alongside late-stage venture capital. T. Rowe's Oak Hill Advisors will add private credit allocations, according to the statement. Many alternative asset managers have partnered with mutual fund houses to create products that would be easier to sell through their distribution networks because their names are trusted by retail investors. Last week, Blackstone Inc. launched its first two products for the masses in a partnership with Vanguard Group and Wellington Management. Goldman said last year that it would invest as much as $1 billion in T. Rowe and teamed up with the money manager to create and sell private-market products. The two firms have since rolled out a range of model portfolios for the wealth market. They're also preparing to introduce a range of target-date funds later this year for retirement accounts that will invest in private assets. Their new product will debut amid a rough patch for private credit funds that had promised retail investors access to private markets with the ability to exit easily. After a client stampede in the first half of this year, many managers restricted withdrawals and the industry is now removing the words "semi-liquid" from product pitches. The interval fund will have "periodic liquidity opportunities" typically amounting to as much as 5% of outstanding shares, according to the statement. But the fund should be "viewed as illiquid" because it may repurchase as much as 25% of outstanding shares, the companies said. Kevin Collins, who heads T. Rowe's wealth and retirement intermediary distribution business in the US, said it's important for people to understand exactly what liquidity they can access and when. Investing in several different areas protects investors from the ups and downs of one specific asset class, he said. "We bring decades of active management and portfolio construction expertise," Greg Wilson, GSAM's co-head of third-party US wealth, said in the statement. "Individual investors can now confidently access opportunities once reserved for institutions."

Retirement industry people moves - 7/24/2026. Daybright Financial appoints chief financial officer; Advisor360 names chief revenue officer; Nationwide Retirement Solutions expands sales leadership; and more. Reported by Daybright Financial appoints Wes Gilbreath as chief financial officer. Wes Gilbreath joined Daybright Financial as chief financial officer, effective July 20. He will serve as the company's principal financial officer. Gilbreath joins Daybright from Integrity Wealth and brings nearly 20 years of experience in the financial services industry. Matt Riordan, who served as Daybright's CFO for the past 18 years, will continue as operating CFO, focusing on ensuring continuity across the finance organization and supporting Gilbreath's transition. Daybright was founded in 2008 and serves more than 22,000 employer groups and 3.6 million plan participants. Advisor360 names ananya Balaram chief revenue officer. Ananya Balaram has joined Advisor360 as chief revenue officer. Balaram will lead the company's revenue strategy with responsibility for sales, customer success and support. Balaram joins Advisor360 with more than 15 years of industry experience. Most recently, he served as chief revenue officer at Vestmark, where he led firm-wide revenue and growth, launched and commercialized new business lines, built scalable operating models and drove long-term enterprise growth. Nationwide Retirement Solutions expands Barbie Walsh's sales leadership role. Nationwide Retirement Solutions Inc. has named Barbie Walsh to lead its combined institutional and consultant relationship teams. In her expanded role, Walsh will oversee both teams and help advance the company's strategy across government and corporate institutional markets. She will report to Brenda Casey Anderson, associate vice president of strategic relationship management and retirement solutions distribution. Walsh previously led institutional markets and most recently served as interim leader of the consultant relationships team. In her prior role as institutional relationship director, se led some of Nationwide's largest institutional and ERISA-qualified client relationships and helped shape the company's institutional service strategy. She brings 27 years of experience in the retirement plans industry spanning operations, relationship management and leadership, including five years at Nationwide. Congruity HR names Arlene Rose as vice president of 401(k) operations. Congruity HR LLC has named Arlene Rose as vice president of 401(k) operations. In her new role, Rose oversees the strategic leadership and execution of retirement plan operations. She also oversees plan administration and regulatory compliance for Congruity HR's clients. Her understanding of multiple employer plan structures allows Congruity HR to offer retirement benefits to growing businesses. Rose previously ran the 401(k) department at Resourcing Edge, of OneDigital, where she managed more than $500 million in assets inside the firm's pooled employer plan. Prudential Group Insurance announces new head of distribution. Brent Ring has been named head of distribution for Prudential Group Insurance, a business of Prudential Financial Inc., according to a recent post on his LinkedIn profile. "In many ways, this role feels like a return to my roots in distribution. I've always believed that strong relationships, deep market expertise and a relentless focus on serving customers are at the heart of our success - and that has never been more true than it is today," he wrote. Ring has spent 13 years with Prudential Financial and transitions from his most recent role as vice president and head of portfolio and growth enablement. Prior to that, Ring served as vice president in account management and vice president of strategy at Prudential. CFP Board selects 2027 board chair-elect. The board of directors of the Certified Financial Planner Board of Standards, Inc. elected Richard Shaw as 2027 board chair-elect at its July meeting. Current Chair-Elect Martin Seay will serve as chair of the board of directors in 2027 and Shaw will become chair in 2028. Shaw has advised individuals and families on investment management, wealth planning and family office services for more than 25 years. Most recently, he served as principal and senior client advisor at Bessemer Trust. Shaw has served on CFP Board's board of directors since 2023. He is the treasurer of Teatown Lake Reservation, a nonprofit nature preserve, and the previously served as chair of Harlem Commonwealth Council. Kenneth Jacobs elected as chair of Vanguard Board of directors. The Vanguard Group Inc. announced that Mark Loughridge will retire from Vanguard's board of directors and the board of trustees for each of the Vanguard funds effective December 31. Kenneth Jacobs has been elected by the boards to succeed Loughridge as the non-executive chairman and John Murphy has been elected to act as lead independent director. Jacobs, who joined Vanguard's board in February, is a senior adviser for Lazard and serves as vice chair of the board of trustees at the University of Chicago and the Brookings Institution. With nearly four decades of experience in global financial services, including as chairman and CEO of Lazard Inc. from 2009 to 2023, Jacobs has broad expertise in corporate strategy, international market development, risk and regulatory matters and technology-driven business. Murphy, who has served on Vanguard's board since 2024, is president and chief financial officer of the Coca-Cola Co. Loughridge served on Vanguard's board since 2012 and was the non-executive chairman since 2024. He is the retired senior vice president and chief financial officer of IBM and also served on IBM's retirement plan committee.