Tim Buckley, CEO of asset management firm Vanguard, will retire at the end of 2024 after heading the company for six years and working there for 33 years.
Vanguard is the second largest asset management firm behind BlackRock.
In a statement, the corporation stated that under Buckley’s leadership, Vanguard increased its client base by tens of millions to more than 50 million investors worldwide, increasing assets under administration by over 80% to $9 trillion. Greg Davis, the firm’s chief investment officer, has been appointed as president, starting immediately.
In January, Vanguard stated that it had no immediate intentions to add spot Bitcoin exchange-traded funds to its platforms, despite the fact that the introduction of such ETFs had generated headlines and discussion in some industry circles.
“Given the current condition of cryptocurrencycurrency as an asset class, Vanguard does not intend to establish its own bitcoin ETF or other cryptocurrency-related products. When choosing what investment products to provide, we evaluate a variety of variables, including whether we feel they will have long-term investing merit and fulfill our clients’ expectations,” wrote Janel Jackson, Vanguard’s head of ETF Capital Markets and Broker and Index Relations, in a note.
“While the discussion about bitcoin and cryptocurrencycurrencies, in general, has increased recently, we do not currently believe that there is an appropriate role for them to play in long-term portfolios,” he states.
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