Vanguard appoints CEO from rival passive player
Global investment giant Vanguard has appointed a new CEO as Tim Buckley steps down after more than 30 years.
Buckley was appointed as CEO six years ago and will step down in July after more than 30 years at the firm, having flagged his departure in February.
Joining in 1991, he was then added to the senior leadership team in 2001 as head of its information technology division and led its Personal Investor offering. He was then appointed as chief investment officer before becoming chief executive in 2018 and chair in 2019.
During his tenure, the firm grew to 50 million investors and grew assets under management to US$9 trillion.
The firm has now announced the appointment of Salim Ramji as its new chief executive, effective from 8 July.
Ramji has more than 25 years’ experience, including a decade at BlackRock where he was the global head of iShares and Index Investing. Prior to this, he was the head of US wealth advisory at BlackRock.
iShares currently has over 800 ETF products globally and US$2 trillion in assets under management.
Before joining BlackRock, he was a senior partner at consultancy McKinsey & Company where he was in charge of the firm’s asset and wealth management practice.
Taking over Buckley’s chair role will be Mark Loughridge, Vanguard’s lead independent director, who will be appointed as non-executive chairman.
He said: “The board welcomes Salim to the leadership team and looks forward to working closely with him as we strengthen and expand our mission and purpose, driven by serving the interests of individual investors. Vanguard’s distinctive structure and culture have helped tens of millions of our investor-owners plan for their future and families.
“We have significant opportunities for growth ahead, including how technology and the client experience can drive solutions and extend the benefits of wealth management to more investors. Salim is an exceptional leader who is aligned with Vanguard’s mission-driven culture, making him the ideal candidate. Vanguard has an important future, and we believe he is the best person for the job.”
Ramji commented: “The current investor landscape is changing, and that presents opportunities for Vanguard to further its mission of giving people the best chance for investment success, which is more relevant today than at any time in the firm’s five-decade history. My focus will be to mobilise Vanguard to meet the moment while staying true to that core purpose – remaining the trusted firm that takes a stand for all investors.”
A statement from BlackRock said: "We congratulate Salim on this accomplishment and thank him for his leadership at our firm. BlackRock is proud to have a track record of our firm’s alumni later going on to lead other investment management companies."
AUTHOR
Laura Dew
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