Paul Malloy, who oversaw roughly $300 billion in municipal assets at the investment titan, has left the firm after over two decades. Bloomberg NewsPaul Malloy, who oversaw roughly $300 billion in municipal assets at investment titan Vanguard Group, has left the firm after over two decades. Processing ContentJustin Schwartz, who managed Vanguard's municipal exchange traded and money market funds, will take over as head of municipals, said a Vanguard spokesperson. "Paul Malloy has decided to leave Vanguard to pursue other opportunities," spokesperson Jessica Schifalacqua said in an email. He rose up the ranks from bond trader to head of fixed income in Europe before taking over the firm's municipal bond business, according to his LinkedIn profile.