Paul Malloy, the head of Vanguard Group's municipal bond division, has departed the investment titan after more than two decades with the company. Malloy oversaw approximately $300 billion in municipal assets during his tenure.

His departure marks a significant change for Vanguard's fixed-income operations. The firm has not yet announced a successor for Malloy's role. The details surrounding his exit were not immediately disclosed.

Vanguard, one of the world's largest investment management companies, manages trillions of dollars in assets across various sectors. Malloy's leadership in the municipal bond space was a key component of its offerings. His departure comes at a time when municipal bonds continue to be a popular investment for tax-exempt income.