Vanguard names former BlackRock executive Salim Ramji as new CEO

(Reuters) -Vanguard Group named former BlackRock executive Salim Ramji as its new chief executive officer and as a member of the board, effective July 8, the U.S. asset management company said in a statement on Tuesday.

Ramji will replace Tim Buckley, whose departure as the chairman and CEO was announced in February.

Buckley has spent more than three decades at the company. Under his tenure, Vanguard expanded its assets under management by 80% to $9 trillion.

Ramji joined Blackrock as global head of corporate strategy in 2014, leaving his position of Senior Partner at McKinsey & Company in January.

At BlackRock, he became a member of the company's Global Executive Committee and the global head of iShares and Index Investments, where he was responsible for two-thirds of the firm's assets and growth.

Ramji exited Blackrock in January.

The Pennsylvania-headquartered Vanguard is the world's second-largest asset manager by assets after BlackRock. Vanguard manages 423 funds worldwide and employs about 20,000 employees, according to its website.

(Reporting by Shreya Biswas and Seher Dareen in Bengaluru, additional reporting by Gnaneshwar Rajan; Editing by Shounak Dasgupta, Sherry Jacob-Phillips and Janane Venkatraman)