ASIC commissioner exits for Vanguard Australia role

Australian Securities and Investments Commission (ASIC) commissioner Sean Hughes’ term draws to a close on 3 February and will take a new role within the commercial sector, the regulator has announced.

The move came as Vanguard Australia confirmed the appointment of Mr Hughes to lead its Australian Office of the General Counsel, which “encompasses the legal and compliance functions of the business, and to join the Australian executive team”, it explained.

ASIC chair Joe Longo said: “We are grateful for the contribution Sean has made to ASIC in his role as Commissioner and wish him well in the next stage of his career.”

Mr Hughes was due to end his five-year term on 1 December 2023, ASIC explained.

ASIC’s commission will continue to work via a whole-of-ASIC approach, with current members: chair Mr Longo, deputy chairs Sarah Court and Karen Chester, and commissioner Danielle Press, working with the chief operating officer and the executive team, the regulator confirmed.

Senior executive roles

During his time with ASIC, Mr Hughes held previous senior positions, including from 2008–10 as senior executive leader for corporate governance and corporations.

From 1999–03, he held a number of senior executive roles including as director, financial services regulation, ASIC explained.

In his career, Mr Hughes has been group general counsel for Tabcorp, and chief risk and legal officer at UniSuper.

Prior to this, he was chief executive of the Financial Markets Authority in New Zealand, Vanguard highlighted.

Prior to his senior roles at ASIC, Mr Hughes has also held leadership positions at National Australia Bank (NAB), Australia and New Zealand Banking Group (ANZ), and was a partner at the law firm Herbert Geer & Rundle (now Thompson Geer).

Mr. Hughes has a bachelor of arts and a bachelor of law with honours both from the University of Canterbury, and a master of law from Cambridge University.

A focus on building teams

Commenting about the appointment, Vanguard Australia managing director, Daniel Shrimski, said he was delighted to welcome Mr Hughes, who brings a significant “depth of experience” in law, governance, regulation, financial services, wealth management, and risk into leading this critical function of the business.

“Following the recent launch of Vanguard Super and a successful three years since the business introduced Vanguard Personal Investor, a platform for investors to invest directly with Vanguard, we have progressed in our goal of providing Australians, and the advisers that serve them, with a high value offer that supports their financial goals both inside and outside of super,” Mr Shrimski explained.

“The strong foundations built by Vanguard’s Australian leadership over the past 27 years has always been guided by delivering on Vanguard’s mission, and with Sean’s appointment we continue to focus on building teams led by strong leaders who will ensure that the business remains aligned with the new and changing needs of our clients into the future, to offer them the best chance of investing success.”

Vanguard is one of the world’s largest global investment management companies.

In Australia, Vanguard has been serving financial advisers, retail clients, and institutional investors for over 25 years.

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