After 33 years at the company and six years as CEO, Tim Buckley will retire at the end of 2024 from Vanguard, an asset management business.
Vanguard manages the second-most assets behind BlackRock. The corporation said that Vanguard’s customer base increased by tens of millions to over 50 million investors worldwide, and that assets under administration increased by more than 80% to $9 trillion, all while Buckley was at the helm. Greg Davis, the company’s chief investment officer, has been named president of the business, a position he will assume immediately, according to the announcement.
Despite the debut of spot Bitcoin exchange-traded funds creating headlines and discussion in some corners of the business, Vanguard said in January that it did not have any immediate intentions to include such products on its platforms.
Vanguard has no intentions of releasing its own bitcoin ETF or any other crypto-related products at this time due to the present status of crypto as an asset class. According to Janel Jackson, head of ETF Capital Markets and Broker and Index Relations at Vanguard, “among other things, we look at whether we think these products have lasting investing potential and fulfill our customers’ expectations when making product recommendations.”
Jackson adds, “Although there has been a recent increase in the discourse surrounding bitcoin and cryptocurrencies in general, we do not believe they have a place in long-term investment portfolios at this time.”
The introduction of BlackRock’s Bitcoin spot ETF has generated considerable market excitement and shows that Vanguard’s competitor is steadily rising in popularity. With $3.3 billion in trading volume, BlackRock’s ETF (ticker symbol: IBIT) has matched its personal record for the third day in a row. On the same day, trading volume for Fidelity’s spot Bitcoin ETF reached $1.4 billion, double its previous record.
According to a media story that surfaced on Wednesday, Morgan Stanley is reportedly doing due research on the possibility of introducing spot Bitcoin ETFs to its brokerage platform.
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