US asset management giant Vanguard has promoted its chief investment officer Tim Buckley (pictured) to replace the firm’s chief executive Bill McNabb at the end of the year.
Buckley, 48, has been Vanguard’s chief investment officer since 2013 and will become the firm’s fourth chief executive since it was founded in 1975 by veteran investor Jack Bogle.
Since then the Pennsylvannia-headquarted firm, which specialises in passive management strategies, has grown to become the world’s second largest asset management group, with assets under management of $4.4 trillion (€3.9 trillion) compared with BlackRock’s $5.4 trillion.
McNabb, 60, who has been Vanguard’s chief executive since 2008, will remain as chairman of the board. Greg Davis, 46, global head of Vanguard’s fixed-income group, will take over the position of chief investment officer.
McNabb said that, as Vanguard continues to expand globally, the firm needed a new leader and that the board had been unanimous in backing Buckley.
“I have worked alongside Tim for many years and he brings a strong passion for serving Vanguard clients and crew, a global mindset, and significant leadership experience in all facets of our operations.”
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