Vanguard is shifting one of its top US fixed income exchange-traded fund managers to run European fixed income, following the departure of Nick Pierce, who has left the $3 trillion fund manager after nearly four years in the role.

Paul Malloy, who has been responsible for managing the fund giant's US fixed income ETFs, as well as a range of fixed income index mutual funds, is swapping Vanguard's Pennsylvania headquarters for London, the firm confirmed.