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Vanguard's head of Asia departs

Malvern, Pa.-based asset manager Vanguard Group Inc. is searching for a new executive to head the company's Asian operation, The Wall Street Journal reported, citing a spokeswoman at Vanguard.

Charles Lin, who was most recently Vanguard's head of Asia, has left the company, the former executive confirmed to the news outlet without elaborating.

Lin left shortly after Vanguard got much-awaited regulatory approval to launch a robo-adviser service with Chinese financial technology company Ant Financial Services Group. Lin led Vanguard's push for the Chinese joint venture, The Wall Street Journal noted.

Axel Lomholt, Vanguard's head of product for Asia and a former BlackRock Inc. executive, will be Vanguard's interim head of Asia, the news outlet reported, citing the company spokeswoman.

The spokeswoman said Lin left to pursue other opportunities and Vanguard's business plans in the region remain unchanged.