Vanguard, the low-cost investing giant, has named the head of its new wholly-owned China subsidiary, which formally launched today.

Clare Zhao, who has been the firm's Hong Kong-based head of China institutional business, takes over as general manager of the new Shanghai operation, which was green-lit by Chinese regulators back in November. Charles Lin, Vanguard's Hong Kong-based head of China, will act as the "legal representative" for the Shanghai office.