Money manager Vanguard said 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.

Vanguard said Rotenberg, who most recently served as the president of personal investing at Fidelity, will join the company in January to lead the new division as a managing director and a member of its senior leadership team.

Rotenberg previously spent over a decade at Canadian lender Bank of Montreal and served as a partner at accounting giant McKinsey.

Founded in 1975, Vanguard is one of the world's biggest investment management companies offering investments, advice and retirement services to clients.

The company is renowned for pioneering index funds, offering diversified and low-cost investing through a broad portfolio that includes mutual funds and exchange-traded products, as well as retirement plans.