Vanguard's global CEO to step down

Vanguard has appointed Tim Buckley to succeed Bill McNabb

Vanguard has appointed Tim Buckley to succeed Bill McNabb

Buckley will become the firm's fourth chief executive since its establishment in 1975.

McNabb says the time is right for Vanguard to have a new leader and that Buckley is the "ideal next chief executive for Vanguard".

In his role of CIO, Davis will oversee more than US$3.8trn (€3.3trn) of assets managed by Vanguard's fixed income, equity index, and quantitative equity groups.

Mr McNabb, 60, will remain chairman of Vanguard while Greg Davis, the global head of the company's fixed income group, will become chief investment officer.

The board of USA investment firm Vanguard has elected chief investment officer Tim Buckley as president and director, along with plans for him to succeed Bill McNabb as chief executive on 1 January 2018. There will be a six-month transition period with Buckley taking over on 1 January 2018. He has served as the firm's chief information officer, head of the information technology division and head of the retail investor group.

By 2013, Buckley had climbed the ranks to his current role as Chief Investment Officer.

"Vanguard's mutual structure and client-focused culture serve as the foundation for everything we do, and I am honored to lead this great organization into its next chapter", said Buckley in a statement.

"Thanks to Bill's strong leadership over the past 10 years, Vanguard is well-positioned to continue helping clients achieve investment success".

The role of Chief Investment Officer will be taken over by Greg Davis, who will take responsibility for the $3.8trn (€3.3trn) now managed by Vanguard's Fixed Income, Equity Index, and Quantitative Equity groups. 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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