Finance

Vanguard appoints new CEO

Vanguard appoints new CEO

Vanguard, which is based in Pennsylvania, manages 369 funds for more than 20 million investors worldwide, and now holds $4.4trn (€3.85trn) in global assets under management.

Under McNabb, Vanguard more than tripled in size as investors embraced the low-priced index funds for which it is best known.

Buckley, 48, joined Vanguard in the early 1990s as an assistant to then-chairman John Bogle's and rose through the ranks to become chief investment officer in 2013 with the retirement of former CIO Gus Sauter.

Mr Buckley will become Vanguard's fourth chief executive since its founding in 1975 and the third - discounting founder Jack Bogle - to have been promoted from within.

Davis led the fixed income group since 2014 and prior to that served as chief investment officer for Asia Pacific and was a director of Vanguard Investments Australia.

Tim Buckley

On Thursday, Vanguard announced that William McNabb will be replaced as CEO by the company's chief investment officer, Tim Buckley, who'll take over on January 1.

McNabb said it is the right time to step down and for a new leader to enter as the firm continues to grow, evolve and expand globally, adding the board is unanimous in its belief that Buckley is the ideal next chief executive for Vanguard.

Mr. McNabb, 60, and Mr. Buckley are longtime insiders at Vanguard, a suburban Philadelphia firm that launched the first index mutual fund for individual investors 40 years ago.

"Vanguard has helped to bring cost savings to many fund investors, including those that have chosen a different asset manager to work with". Thanks to Bill's strong leadership over the past ten years, Vanguard is well-positioned to continue helping clients achieve investment success. Vanguard has pulled in new assets at a record pace in recent years as investors lost faith in more traditional money managers who handpick stocks and bonds.

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