Tim Buckley, CEO of Vanguard, is retiring at the end of 2024 after six years of leadership and a total of 33 years with the company.
Vanguard is the second largest asset management firm after BlackRock.
In a statement, the company said that under Buckley’s leadership, Vanguard has grown its client base by tens of millions to more than 50 million investors worldwide, increasing assets under management by more than 80% to $9 trillion. The company announced that Chief Investment Officer Greg Davis has been appointed to the additional position of CEO, effective immediately.
Vanguard and its stance on crypto.
In January, Vanguard stated that it had no immediate plans to integrate bitcoin funds into its platforms. Nonetheless, the introduction of these ETFs caused an uproar in the industry and made headlines.
Vanguard has no plans to launch its own bitcoin ETF or any cryptocurrency-related products, given the current state of cryptocurrencies as an asset class. Janel Jackson, head of Vanguard’s capital markets and brokerage and index relationships, wrote in a note: “When deciding what investment products to offer, we take into account whether we believe they have sustainable investment value and whether they meet the needs of our clients.”
“Although the discussion of cryptocurrencies and bitcoin has intensified recently, we currently do not believe they can play an appropriate role in long-term portfolios.”
Wall Street banks hungry for cryptocurrencies.
Vanguard’s rival BlackRock continues to gain popularity with the launch of its Bitcoin ETF , which has caused quite a stir in the markets. Trading in the BlackRock ETF under the exchange symbol IBIT doubled its record for the third day in a row, reaching a trading volume of $3.3 billion. Fidelity ‘s Bitcoin ETF also doubled its previous record, reaching $1.4 billion in trading volume on the same day.
On Wednesday, media reports surfaced that Morgan Stanley is also considering adding a Bitcoin ETF to its brokerage platform and is currently conducting due diligence.
