Vanguard is putting renewed emphasis on growing its financial advice business. On Thursday, the company said it has hired former Fidelity executive Joanna Rotenberg to lead a new advice and wealth management division which oversees more than $900 billion in assets.

Vanguard Group has hired a former executive at its rival, Fidelity Investments, to head a new advice and wealth management division beginning in January.

Another clue to Vanguard's commitment to wealth management is its CEO: Ramji, who took over from Tim Buckley in July, previously served as BlackRock 's head of U.S. wealth advisory and head of McKinsey's asset and wealth management practice.

Vanguard will establish a new Advice & Wealth management division aimed at enhancing current capabilities, to be led by former Fidelity executive Joanna Rotenberg, who will take the role in January and serve as a managing director and member of the firm’s senior leadership team.

The new division will be headed by a former Fidelity executive and be separate from Vanguard’s Personal Investor segment.

The asset management giant's new division, set to launch next year, comes as the firm announces other hires to shake up its leadership.

Vanguard Group created a new advice and wealth management division and hired an outsider from Fidelity Investments to run it.

Vanguard, one of the largest money managers in the world, is hiring Canadian executive Joanna Rotenberg to lead its newly created advice and wealth management division.

Money manager Vanguard said on Monday it will establish a new advice and wealth management division led by industry veteran Joanna Rotenberg. The move comes as leading asset managers expand their wealth management services to meet growing client demand in the backdrop of an increasingly complex and volatile investment landscape.