A 16,000-square-foot office with exposed ducts and an open floor plan is Vanguard’s new Innovation Studio, a research and development space opened by the investment-management giant just last week, Technical.ly Philly reported.

The firm held a July 18 ribbon-cutting ceremony at the outpost, which will house 100 employees to be dedicated “solely to project work.”

At the event, Technical.ly Philly reported that outgoing CEO Bill McNabb said the firm had benefited greatly from infusing innovation into its ethos. “In the beginning we didn’t set out to be innovators, but it eventually became part of our strategy,” said McNabb. “I’m not sure we can rely on serendipity much longer,” the CEO said in reference to the research hub helping guide the way for the company’s future.

 

Per Vanguard’s own admission, it’s still too early to call how much of a game-changer the space will be. Lisha Davis, the Vanguard exec tasked with heading up the studio, said much of what the studio will look like and the projects it will undertake is a work in progress.

“This will add a nimbleness to our work,” Davis did say. She also mentioned connecting to the startup community was another task of the new office.