Major US-owned fund manager Vanguard, one of the world’s largest investment firms, has opened a new office in Manchester.

The new 14,000 square foot base is in the Barings' Landmark office building in central Manchester.

Greater Manchester Mayor Andy Burnham opened the new office recently. It is Vanguard’s first UK office outside London.

Vanguard plans to hire across multiple divisions in Manchester over the next few years, with professional and tech-focused roles high on the agenda, it said.

Vanguard also plans to work closely with the Greater Manchester Combined Authority (GMCA) to, “explore opportunities and identify areas for collaboration in the future.”

The firm, known for its low cost investing philosophy, said it continues to grow rapidly in the UK and Europe, with the business set for record net cash flow this year.

Vanguard claims its funds are used by 80% of independent financial advisers in the UK and says it now serves over 550,000 UK investors directly.

Sean Hagerty, head of Europe, managing director, Vanguard, said: “Vanguard was founded on the principle of giving all investors the best chance of success; whether that’s being able to afford a comfortable retirement or a feeling of security and stability in life. Living up to that idea is what drives us, and we are delighted that our message is resonating with investors across the UK and Europe.”

“As we have grown, we remain relentlessly focused on serving our clients. In order to drive the next stage in our mission, we are delighted to be opening an office in Manchester -  a city that matches our drive, ambition and values."

Cllr Bev Craig, Leader of Manchester City Council and GM portfolio holder for Economy, Business and Inclusive Growth, said: "We are pleased that Vanguard has chosen Manchester as its first UK base outside London, becoming the latest global name to move into the city's Civic Quarter. Their arrival both reflects and strengthens our strengths in growing tech-led sectors and will create hundreds of jobs and opportunities for people from Manchester and Greater Manchester.”

Vanguard offers a variety of global investment funds as well as ISAs and SIPPs.