Malvern, Pennsylvania-based The Vanguard Group, one of the biggest asset management firms in the world with around $4.4 trillion of assets under management, has selected Tim Buckley, its current chief investment officer, to succeed Bill McNabb as chief executive from 1 January 2018.
Mr McNabb, Vanguard’s chief executive since 2008, will remain as chairman of the board, a position he assumed in 2009.
Greg Davis, the global head of Vanguard’s fixed income group, will replace Mr Buckley as chief investment officer and assume oversight of more than $3.8 trillion managed by Vanguard’s fixed income, equity index, and quantitative equity groups.in more than 300 mutual funds and exchange traded funds (ETFs).
“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,” said Mr MacNabb in a statement. “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.”
Mr Buckley joined Vanguard in 1991 as assistant to John Bogle, its then chairman. He became a principal of the firm in 1998 and subsequently became chief information officer and head of Vanguard’s information technology division from 2001 to 2006 and head of its retail investor group from 2006 to 2012.
Mr Davis has headed Vanguard’s fixed income group since 2014, with responsibility for portfolio management, strategy, credit research, trading, and planning functions. He is a former chief investment officer of Vanguard's Asia Pacific operations and a director of Vanguard Investments Australia.
Mr McNabb joined Vanguard in June 1986 and became a member the firm’s senior leadership team in 1995 as head of its institutional investor group.