Chief investment officer Tim Buckley will succeed Bill Mc Nabb as CEO of Vanguard Group
14 July, 2017, 17:52
He will be the fourth global chief executive of Vanguard since its founding in 1975.
USA fund management giant Vanguard has appointed Tim Buckley as its new chief executive.
Davis takes on oversight of more than 300 mutual funds and exchange traded funds (ETFs) accounting for $3.8 trillion (£2.94 trillion) managed by the firms fixed income, equity index and quantitative equity groups. Mr. McNabb will become chairman next year and eventually pass that role to Mr. Buckley as well.
For the next six years, he was the head of the retail investor group and was appointed chief investment officer in 2013.
Current chairman and chief executive William McNabb will step down as CEO in January and be succeeded by long-time company insider Mortimer J. Buckley. Over that period he was a critic of complexity in investing, saying in 2014 that "product proliferation cloaks itself as innovation"- perhaps unsurprising given Vanguard's pedigree in passive investing.
Vanguard CEO Bill Mc Nabb steps down on Jan. 1
Under McNabb, Vanguard more than tripled in size as investors embraced the low-priced index funds for which it is best known.
Buckley joined Vanguard in 1991 as an assistant to then chair John C. Bogle and held senior leadership roles including chief information officer and head of the information technology division from 2001 to 2006. He has been the fund firm's chief investment officer. Mr. McNabb began his career with Vanguard in 1986 and became CEO in 2008.
Vanguard is one of the world's largest investment-management companies.
Buckley said: "I look forward to continuing to work closely with Bill [McNabb] over the next six months as I transition to my new role". 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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