Tim Buckley set to replace Bill McNabb as Vanguard CEO

Vanguard has appointed Tim Buckley to succeed Bill McNabb

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

During his nine-year spell as chief executive Mr McNabb saw the group's assets under management grow from $1.3trn (£1trn) to $4.4trn (£3.4trn).

McNabb, CEO since 2008, will remain as chairman of the board while Greg Davis, now global head of the firm's fixed income group, will become CIO with responsibility for some $3.8trn managed across more than 300 mutual funds and ETFs.

Vanguard global chief executive Bill McNabb will step down at the end of the year to be succeeded by chief investment officer Tim Buckley. "Tim" Buckley and transition to chairman next year before also passing that role to Buckley.

He was chief investment officer at the firm from 2013 and a member of the senior leadership team from 2001.

Under McNabb, Vanguard more than tripled in size as investors embraced the low-priced index funds for which it is best known.

Buckley has been with the firm since 1991 when he joined as an assistant to the chairman at the time, John Bogle.

Vanguard's chief investment officer will take over as chief executive from the start of next year, the company has announced. Much of the investor money has come Vanguard's way.

Mr. Buckley said: "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".

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.

He points out that although Vanguard only has 70 ETFs in its lineup, those funds on average have more than $10 billion each in AUM.

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