Vanguard Chief Investment Officer Tim Buckley has climbed the ranks to president and director of the firm. Vanguard also revealed plans for Buckley to succeed Bill McNabb as chief executive officer on January 1, 2018.
McNabb will remain as chairman of the Board as Buckley becomes Vanguard’s fourth CEO since its founding in 1975. Greg Davis, global head of Vanguard’s Fixed Income Group, will become CIO.
“As the firm continues to grow, evolve and expand globally, it is the right time for a new leader, and the Board is unanimous in its belief that Tim Buckley is the ideal next chief executive for Vanguard,” McNabb said. “I have worked alongside Tim for many years, and he brings a strong passion for serving Vanguard clients and crew, a global mindset, and significant leadership experience in all facets of our operations.”
Buckley has served as CIO since 2013. He joined Vanguard in 1991 as assistant to then Chairman John Bogle. He then was elected as a principal of the firm in 1998. He also served as chief information officer and head of Vanguard’s Information Technology Division from 2001 to 2006, and head of Vanguard’s Retail Investor Group from 2006 to 2012.
He is also a long-tenured member of Vanguard’s Global Investment Committee, which has oversight responsibilities for the firm’s in-house equity and fixed income management functions, as well as the 27 external investment advisory firms employed by Vanguard.
Buckley earned an A.B. in economics from Harvard in 1991, and a master’s degree from Harvard Business School in 1996.
“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,” said Buckley. “Thanks to Bill’s strong leadership over the past 10 years, Vanguard is well-positioned to continue helping clients achieve investment success. I look forward to continuing to work closely with Bill over the next six months as I transition to my new role.”
McNabb joined Vanguard in June 1986 before becoming head of the firm’s Institutional Investor Group in 1995. He was named CEO in 2008 and chairman in 2009.
Lead independent trustee of Vanguard’s Board Mark Loughridge said, “Bill has been an extraordinary leader, deftly navigating the firm through the most turbulent market environment in modern history into an era of unprecedented growth and global expansion, while developing a strong management team and a deep bench of talented investment professionals. Above all, he has demonstrated an unwavering dedication to our clients, which is the hallmark of Vanguard, and we are grateful that he will continue to serve as chairman of the board.”
As chief investment officer, Davis assumes oversight responsibility for more than $3.8 trillion managed by Vanguard’s Fixed Income, Equity Index, and Quantitative Equity Groups. The more than 300 mutual funds and ETFs managed by these groups encompass active and index stock, active and index fixed income, money market, and stable value mandates.
Davis has led Vanguard’s Fixed Income Group since 2014. He is responsible for portfolio management, strategy, credit research, trading, and planning functions. He also previously served as the company’s Asia-Pacific chief investment officer and a director of Vanguard Investments Australia. He earned a bachelor’s degree in insurance from The Pennsylvania State University and a master’s degree in finance from The Wharton School of the University of Pennsylvania. He is a CFA charterholder and a member of the CFA Society of Philadelphia.
“We are fortunate to have Greg at the helm of our global investment teams and as a new member of our senior leadership team,” said McNabb. “His experience as a portfolio manager and as a leader of investment management teams, long-term orientation, and exceptional judgment make him an excellent steward of our clients’ assets.”
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