World 2nd Largest $8 Trillion Asset Manager Vanguard Chairman & CEO Tim Buckley to Retire after 33-Year Career at the End of 2024, CIO Greg Davis Appointed as President with Immediate Effect, New CEO to be Selected
2nd March 2024 | Hong Kong
The world’s 2nd largest asset manager Vanguard ($8 trillion Assets under Management) Chairman & CEO Tim Buckley has announced to retire after a 33-year career at Vanguard at the end of 2024, with CIO (Chief Investment Officer) Greg Davis appointed as President with immediate effect and a new CEO will selected. Announcement: “Vanguard announced today that Tim Buckley will retire from his role as Chairman and Chief Executive Officer by year-end 2024 after a dynamic and highly successful tenure as CEO and more than three decades of distinguished Vanguard service. Vanguard’s Board of Directors has initiated a comprehensive process to select a new CEO, evaluating both internal and external candidates. Vanguard also announced today that Chief Investment Officer Greg Davis has been appointed to the additional role of President of the firm, effective immediately. During his tenure at Vanguard, Mr. Buckley has served with great distinction, driving significant innovation and accomplishment across a range of senior roles. He joined Vanguard in 1991 as founder John Bogle’s research assistant, where he learned first-hand the founding principles of the company. Mr. Buckley became a member of Vanguard’s senior leadership team in 2001 as head of Vanguard’s Information Technology Division. He subsequently led the Personal Investor division through a period of significant growth and then served as Chief Investment Officer before being named CEO in 2018. He was appointed Chairman in 2019.”
“ World 2nd Largest $8 Trillion Asset Manager Vanguard Chairman & CEO Tim Buckley to Retire after 33-Year Career at the End of 2024, CIO Greg Davis Appointed as President with Immediate Effect, New CEO to be Selected “
Vanguard Chairman & CEO Tim Buckley – Mortimer (Tim) Buckley is chairman of the board and chief executive officer of Vanguard. Previously, he was Vanguard’s chief investment officer, overseeing the company’s internally managed stock, bond, and money market portfolios as well as its investment research and methodology. He joined Vanguard in 1991 and has held a number of senior leadership positions, including chief information officer from 2001 to 2006 and head of the Retail Investor Group from 2006 to 2012. Outside of Vanguard, he served as chairman of the board of Children’s Hospital of Philadelphia from 2011 to 2017 and as a trustee and vice chair of The Shipley School from 2018 to 2022. He is a member of the board of governors of the Investment Company Institute and of FINRA. Tim holds an A.B. in economics from Harvard College and an M.B.A. from Harvard Business School.
Mark Loughridge, Vanguard Lead Independent Director: ” On behalf of the Board, I would like to thank Tim for his unwavering commitment and outstanding, dedicated service to Vanguard and its investor-owners and crew for more than 33 years. Under his leadership, Vanguard went through a period of unprecedented innovation, growth, and transformation, building high-value-added services and businesses and expanding our advice offers. These achievements, plus his focus on developing future leaders and ensuring Vanguard always delivers value and great service to clients, position Vanguard for continued success in the years to come. We are extremely grateful for Tim’s many contributions and look forward to continuing to work with him throughout the upcoming CEO selection and transition process.”
Tim Buckley, Vanguard Chairman & CEO: “Thirty-three years ago, I was lucky to join a company that believed in giving investors a fair shake as they saved for retirement, for their kids’ college education, or for their dream home. In my seventh year as CEO, we have scaled our mission to more than 50 million investors, and our team is just getting started. I have been passionate about developing the next generation of leaders, and I look forward to those leaders elevating Vanguard to new heights. It has been an absolute privilege to lead Vanguard and help advance the company’s mission of giving clients the best chance for investment success. Today, Vanguard is poised to seize the opportunities of the future while continuing to deliver for our investor-owners.
Having worked closely with Greg for more than a decade, I am confident he will effectively leverage his deep investment expertise and partner with our senior team to help accelerate our business and uphold Vanguard’s passionate focus on our investors. Greg has an outstanding record of delivering for our clients—through fund performance, by championing innovation across our product line-up, and via industry-leading thought leadership. He is a well-respected leader in our industry who is frequently sought out by policy makers and who advocates for regulatory changes to benefit everyday investors.”
Greg Davis, Newly appointed President of Vanguard: “Understanding client needs has always been critical to Vanguard’s success. I am excited to serve Vanguard in this expanded role, working to ensure that our investment teams are even more proximate to the client voice and that we enhance our efforts within the industry and with policymakers to advance investor interests.”
World 2nd Largest $8 Trillion Asset Manager Vanguard Chairman & CEO Tim Buckley to Retire after 33-Year Career at the End of 2024, CIO Greg Davis Appointed as President with Immediate Effect, New CEO to be Selected
29th February 2024 – Vanguard announced today that Tim Buckley will retire from his role as Chairman and Chief Executive Officer by year-end 2024 after a dynamic and highly successful tenure as CEO and more than three decades of distinguished Vanguard service. Vanguard’s Board of Directors has initiated a comprehensive process to select a new CEO, evaluating both internal and external candidates. Vanguard also announced today that Chief Investment Officer Greg Davis has been appointed to the additional role of President of the firm, effective immediately.
- During his tenure at Vanguard, Mr. Buckley has served with great distinction, driving significant innovation and accomplishment across a range of senior roles. He joined Vanguard in 1991 as founder John Bogle’s research assistant, where he learned first-hand the founding principles of the company. Mr. Buckley became a member of Vanguard’s senior leadership team in 2001 as head of Vanguard’s Information Technology Division. He subsequently led the Personal Investor division through a period of significant growth and then served as Chief Investment Officer before being named CEO in 2018. He was appointed Chairman in 2019.
- Under Mr. Buckley’s leadership, Vanguard has experienced remarkable momentum across its lines of business and a track record of top-performing investments1, all in service to its investor-owners. Highlights of his tenure include expanding the client base by tens of millions to more than 50 million investors globally, growing assets under management by more than 80% to $9 trillion, dramatically expanding Vanguard’s award-winning2 advice business with differentiated digital and hybrid solutions, digitizing and modernizing business operations and the client experience, and improving client service and satisfaction3. During his tenure, Vanguard thrived not only in the U.S. but internationally across the United Kingdom, Europe, Australia, Canada, and Latin America, bringing high-quality, low-cost investment products to individual investors in markets across the globe. Mr. Buckley also successfully led the firm through the global COVID pandemic, maintaining consistent business, operational, and client momentum through one of the most disruptive economic and social periods of recent history.
Investment veteran and Chief Investment Officer Greg Davis to expand role, becoming President
- In his expanded role as both President and CIO, Mr. Davis will be responsible for all aspects of the firm’s investment management, retirement business, and services for financial advisor clients, overseeing the majority of Vanguard’s fund and ETF distribution. Within his expanded remit, he will also further advocate for policies for the betterment of the capital markets and help ensure more investors have the access and ability to save for a secure future.
- Mr. Davis, a 24-year Vanguard veteran, was first appointed CIO and global head of Vanguard Investment Management Group in 2017. He currently oversees $8 trillion in global assets managed by Vanguard’s fixed income, equity index, and quantitative equity groups. An accomplished industry leader, Mr. Davis is a member of both the Treasury Borrowing Advisory Committee of the U.S. Department of the Treasury and the Federal Reserve Bank of New York Investor Advisory Committee on Financial Markets. Prior to being named CIO, Mr. Davis was principal and global head of Vanguard Fixed Income Group. He also previously served as the company’s Asia-Pacific chief investment officer. Mr. Davis is the Vice Chair of the board of trustees for the Children’s Hospital of Philadelphia. He earned a B.S. in insurance from The Pennsylvania State University and an M.B.A. in finance from the Wharton School of the University of Pennsylvania.
About Vanguard
Founded in 1975, Vanguard is one of the world’s leading investment management companies. The firm offers investments, advice, and retirement services to tens of millions of individual investors around the globe—directly, through workplace plans, and through financial intermediaries. Vanguard operates under a unique, investor-owned structure where Vanguard fund shareholders own the funds, which in turn own Vanguard. As such, Vanguard adheres to a simple purpose: To take a stand for all investors, to treat them fairly, and to give them the best chance for investment success.
$8.2 Trillion Asset Manager Vanguard Exits China Market with Sale to Ant Group, Vanguard Investment Advisory Shanghai Renamed to Ant Investment Advisory & Ant Group to Have 100% Shareholding in 2024
17th November 2023 – Leading asset manager Vanguard with $8.2 trillion AUM (Assets under Management) is exiting the China market after selling 49% stake in robo-advisory joint venture to Jack Ma Ant Group Malvern. Vanguard Investment Advisory (Shanghai) is renamed to Ant Investment Advisory and Ant Group to have 100% shareholding in 2024. Vanguard Investment Advisors (Shanghai) Investment Consultancy Company Limited is the first independent fund investment advisory agency approved by the China Securities Regulatory Commission，co-founded by the largest Mutual Fund Company in the world-The Vanguard Group, and Ant Financial Services Group. On April 2nd, 2020, Vanguard Investment Advisors officially launched a new wealth management service “Bang Ni Tou” (Help You Invest) available to everyone on the Alipay App. Vanguard Investment Advisors (Shanghai) has more than 3 million users. More info below:
$8.2 Trillion Asset Manager Vanguard Sells 49% Stake in Robo-Advisory Joint Venture to Jack Ma Ant Group Malvern, Ant Group to Have 100% Shareholding in 2024
26th October 2023 – Leading asset manager Vanguard with $8.2 trillion AUM (Assets under Management) is selling 49% stake in robo-advisory joint venture to Jack Ma Ant Group Malvern, with Ant Group to have 100% shareholding of the joint venture in 2024. Vanguard Investment Advisors (Shanghai) Investment Consultancy Company Limited is the first independent fund investment advisory agency approved by the China Securities Regulatory Commission，co-founded by the largest Mutual Fund Company in the world-The Vanguard Group, and Ant Financial Services Group. On April 2nd, 2020, Vanguard Investment Advisors officially launched a new wealth management service “Bang Ni Tou” (Help You Invest) available to everyone on the Alipay App. Vanguard Investment Advisors (Shanghai) has more than 3 million users.
Vanguard Investment Advisors (Shanghai) Investment Consultancy Company Limited
Vanguard Investment Advisors is the first independent fund investment advisory agency approved by the China Securities Regulatory Commission，co-founded by the largest Mutual Fund Company in the world-The Vanguard Group, and Ant Financial Services Group. On April 2nd, 2020, Vanguard Investment Advisors officially launched a new wealth management service “Bang Ni Tou” (Help You Invest) available to everyone on the Alipay App. “Bang Ni Tou”” aims to provide investors with a new one-stop fund investment advisory service. It inherits years of professional investment advisory experiences of The Vanguard Group in the U.S.，and based off its exclusive model “Global Capital Markets Model” (VCMM ®) to conduct 10,000 simulations, it can generate portfolio that fits investor’s risk profile, select funds, do redemption and other transactions on behalf of the investors, continuously track market dynamics, and automatically rebalance according to market conditions, making your investment simpler and more worry-free.
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