BlackRock’s former global head of iShares and index investing, Salim Ramji, will join Vanguard as its new CEO and board of directors effective July 8.
In a statement, Vanguard said Ramji will take over from current CEO Tim Buckley, who announced his departure from the company in February of this year and retirement.
Ramji left his position at BlackRock in January 2024, where he was responsible for managing most of the firm’s client assets and overseeing the iShares platform. He joined BlackRock more than a decade ago, and under his leadership the asset management firm launched the first Bitcoin-listed fund for retail investors.
BlackRock’s “IBIT” bitcoin ETF
Commenting on Ramji’s appointment, Bloomberg Intelligence senior ETF analyst Eric Balchunas said the former BlackRock director oversaw the archiving and logistics of the IBIT ETF and is known to be interested in the digital asset space. Vanguard, on the other hand, is anti-crypto.
Prior to joining BlackRock, Ramji served as a senior partner at McKinsey and was responsible for the firm’s asset and wealth management practice. Ramji began his career as a lawyer at Clifford Chance in London and Hong Kong.
“He [Ramji] looks out for the interests of individual investors, has a strong fiduciary ethos and thinks strategically about solutions,” – Buckley stated in a press release. “Salim understands our organization’s deep sense of purpose and commitment to putting clients first, which is a hallmark of Vanguard’s leadership team and culture,” Buckley added.
“The current investor landscape is changing, which creates opportunities for Vanguard to continue to fulfill its mission of providing people with the best opportunities for investment success, which is more relevant today than at any time in the company’s 50-year history,” – Ramji said.
Vanguard’s anti-crypto stance
In January, Vanguard said it had no immediate plans to add bitcoin ETFs to its platforms, despite the introduction of such ETFs hitting headlines and generating buzz in the industry.
“Given the current state of cryptocurrencies as an asset class, Vanguard has no plans to launch its own bitcoin ETF or any cryptocurrency-related products. When deciding what investment products to offer, we consider a number of factors, including whether we believe they have sustainable investment value and meet our clients’ needs.” – Janel Jackson, head of capital markets and brokerage and index relations at Vanguard’s ETF business, wrote in a note.
“While the discussion around bitcoin and cryptocurrencies has recently intensified, we currently do not believe they can play an appropriate role in long-term portfolios,” – Jackson adds.
