NETHERLANDS – Ronald Nagel, former head of institutional business at Vanguard, has been appointed head of Benelux institutions at Alliance Bernstein’s new sales office in the Netherlands.

Alliance Bernstein staff in the UK and Luxembourg declined to comment on the new office. IPE understands that the new office will be based in Amsterdam. It is unclear whether it will focus only on sales or take on more responsibilities in the future.

At the start of January, IPE reported that Nagel would be leaving Vanguard at the end of the month to pursue “other professional opportunities”.

His departure means the firm has lost two European institutional business heads in less than 18 months – Nagel succeeded Benelux institutional head Theo van der Meer, who joined Fidelity in 2004.

Despite these departures, Vanguard said it remains committed to its European institutional business.