Profit at the European arm of low-cost US asset manager Vanguard soared by 168% in 2020 as the firm generated bumper fees from its mutual funds and investment platform.

Vanguard Asset Services — which incorporates the Pennsylvania-headquartered company’s businesses in the UK, Ireland, France, the Netherlands, Germany and Switzerland — also added 66 people to its European operations last year, according to accounts filed with Companies House.