Buckley To Succeed McNabb As Head Of Vanguard Group

In his role of CIO, Davis will oversee more than US$3.8trn (€3.3trn) of assets managed by Vanguard's fixed income, equity index, and quantitative equity groups. Mr. McNabb will become chairman next year and eventually pass that role to Mr. Buckley as well. In turn, global head of fixed income Greg Davis has been promoted to chief investment officer.

McNabb, who joined the company in 1986, became CEO in 2008.

Vanguard announced that Mortimer "Tim" Buckley will succeed Bill McNabb as chief on January 1. He has held numerous leadership roles with the firm before being appointed chief investement officer in 2013.

McNabb said: "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 is the ideal next chief executive for Vanguard". Much of the investor money has come Vanguard's way.

Mr. Buckley started as an assistant to Vanguard founder Jack Bogle two and half decades ago.

Vanguard CEO Bill Mc Nabb steps down on Jan. 1

Mr. Buckley said: "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".

Buckley said: "I look forward to continuing to work closely with Bill [McNabb] over the next six months as I transition to my new role".

The position of chief investment officer that Buckley is vacating will be filled by Greg Davis, now the global head of Vanguard's fixed income group, the press release said.

"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".

He points out that although Vanguard only has 70 ETFs in its lineup, those funds on average have more than $10 billion each in AUM.