Asset management firm Vanguard CEO Tim Buckley is retiring by year-end 2024 after leading the firm for six years, and a total of 33 years working at the firm.
Vanguard is the second largest asset management firm after BlackRock.
In an announcement, the firm said under Buckley’s leadership, Vanguard expanded its client base by tens of millions to more than 50 million investors globally, growing assets under management by more than 80% to $9 trillion. The firm announced chief investment officer Greg Davis has been appointed to the additional role of president of the firm, effective immediately.
Vanguard’s Anti Crypto Stance
In January, Vanguard said it had no immediate plans to add spot Bitcoin exchange-traded funds to its platforms despite the introduction of such ETFs generating headlines and buzz in the industry.
“Given the current state of crypto as an asset class, Vanguard does not have plans to launch its own bitcoin ETF or any crypto-related products. When deciding what investment products to offer, we consider a range of factors, including whether we believe they have enduring investment merit and meet our clients’ needs,” wrote Janel Jackson, Vanguard’s head of ETF Capital Markets and Broker and Index Relations in a note.
“While the discussion about bitcoin and cryptocurrencies, in general, has increased recently, we do not currently believe that there is an appropriate role for them to play in long-term portfolios,” adds Jackson.
Wall Street Banks Hungry for Crypto
Vanguard’s rival BlackRock is continuing to gain popularity with the launch of its Bitcoin spot ETF which has caused quite a stir in the markets. BlackRock’s ETF trading under the ticker symbol IBIT has doubled its personal record on the third consecutive day with $3.3 billion in trading volume. Fidelity’s spot Bitcoin ETF also doubled its previous record with $1.4 billion trading volume on the same day.
On Wednesday, a media report emerged that Morgan Stanley is also considering adding spot Bitcoin ETFs to its brokerage platform and is currently in the process of conducting due diligence.