Vanguard, the US asset management giant, increased profit across its European operations by more than a third last year, helped by a 147% revenue surge at its UK investment platform. 

Vanguard Asset Services — which incorporates the $9.3tn asset manager’s businesses in the UK and Switzerland — recorded a pre-tax profit of £31.6m in 2023, up from £23.2m the previous year, according to accounts filed with Companies House.