Vanguard names new chief exec

Share

This will have him replacing current Vanguard CEO Bill McNabb.

He said: "As the firm continues to grow, evolve and expand globally, it is the right time for a new leader and the board is unanimous in its belief that Tim Buckley is the ideal next chief executive for Vanguard".

The Malvern-based company received a lot of attention in 2016, when it managed to collect a record $323 billion previous year, according to Bloomberg, as investors embraced its signature low-priced index funds. McNabb will continue to act as the Chairman of the Board once Buckley takes over as CEO.

Vanguard, based in Malvern, Pa., is one of the world's biggest fund managers, with $4.4 trillion in assets.

Under his leadership, Vanguard's assets under management have exploded from $1.25 trillion nearly threefold to $4.4 trillion. "I have been thinking about this transition for a year", McNabb said in a telephone interview.

"We are fortunate to have Greg at the helm of our global investment teams and as a new member of our senior leadership team", said McNabb. "It's complex, it's all consuming, and it's good to get fresh perspective, even with the kind of continuity we have here".

Mosquito pool in Weld County tests positive for West Nile virus
Health officials say West Nile Virus is the most common mosquito-borne disease in Oklahoma, and it can be deadly in seniors. West Nile can cause severe illness in some people, and in very rare cases, serious neurological illness.

Sudan's Bashir freezes talks with United States amid embargo row
On 11 July 2017, President Trump postponed for three months a decision on whether to permanently lift sanctions against Sudan.

Severe thunderstorm watch issued for Barrie and area
Residents are being cautioned to prepare for severe weather and to take cover if threatening weather approaches. Total rainfall amounts near 50 mm are possible in areas where multiple thunderstorms occur.

Vanguard saw global inflows of $289bn in 2016 - more than the rest of the industry combined.

Passive Vanguard mutual and exchange-traded funds owned 5% or more of shares in 485 companies in the S&P 500 at the end of March, up from 12 in 2008, according to a proprietary analysis of Morningstar Inc. and other data by The Wall Street Journal. It will also make Buckley the fourth CEO of Vanguard since its founding in 1975. But he will face a number of challenges as more rivals rush to match Vanguard in price, and stock pickers assert that passively managed shareholders like Vanguard have become too deferential to management.

He jokes that his friends at the time thought that Vanguard was some sort of airline but Buckley became an assistant to Bogle in 1991, handling jobs such as helping the investment legend research his first book. He was named its chief investment officer in 2013.

Wellington Fund (VWELX) has $100.7 billion in assets.

Continually lowering fund costs for the firm required both continued asset gathering and controlling cost. "It will always be at Vanguard".

Share