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Vanguard Opens Canadian Unit to Help Drive Expansion Abroad

Vanguard Group Inc., the world’s biggest mutual-fund company, is opening a unit in Canada, continuing an expansion of its low-cost, passive investment offerings outside the U.S.

Atul Tiwari, 46, formerly of the Bank of Montreal, will head Vanguard Investments Canada in Toronto, the company said today in a statement. The Valley Forge, Pennsylvania-based firm declined to say what products it plans for the Canadian market until it files a preliminary prospectus with regulators.