Vanguard CEO Tim Buckley to Retire by End of Year
Asset management firm Vanguard CEO Tim Buckley is set to retire by the end of 2024 after leading the firm for six years and working at the company for a total of 33 years. Vanguard is currently the second largest asset management firm after BlackRock. Under Buckley’s leadership, Vanguard has expanded its client base to over 50 million investors worldwide and has grown its assets under management by more than 80% to $9 trillion.
Vanguard’s Anti Crypto Stance
Vanguard has stated that it does not have any immediate plans to add spot Bitcoin exchange-traded funds (ETFs) to its platforms, despite the growing popularity of such ETFs in the industry. Janel Jackson, Vanguard’s head of ETF Capital Markets and Broker and Index Relations, explained that while the discussion about bitcoin and cryptocurrencies has increased, Vanguard does not currently believe that they have an appropriate role in long-term portfolios.
Wall Street Banks Hungry for Crypto
In contrast to Vanguard’s stance, other Wall Street banks are showing a strong interest in cryptocurrencies:
- BlackRock recently launched its Bitcoin spot ETF, which has generated significant trading volume.
- Fidelity also experienced a surge in trading volume with its spot Bitcoin ETF.
- Morgan Stanley is reportedly considering adding spot Bitcoin ETFs to its brokerage platform and is currently conducting due diligence.
Hot Take: The Retirement of Vanguard CEO Tim Buckley
The retirement of Vanguard CEO Tim Buckley marks the end of an era for the asset management firm. Throughout his tenure, Buckley has led Vanguard to remarkable growth and success, expanding its client base and increasing assets under management. However, Vanguard’s anti-crypto stance sets it apart from other Wall Street banks that are embracing cryptocurrencies. As the industry continues to evolve, it will be interesting to see how Vanguard’s position may shift in the future.
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