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Watch Vanguard CEO Tim Buckley To Retire at Year-End - Bloomberg

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00:00All right. So let's talk more on Vanguard's changing of the guard with our very own Eric Balchunas. Eric literally wrote the book on the firm. It's called The Bogle Effect. It's on how founder Jack Bogle and Vanguard disrupted Wall Street. Eric So this was a little bit of a surprise. It certainly got people in the ETF world talking. What is Tim Buckley's legacy? How did he put his stamp on the firm that Jack Bogle founded? Yeah, sure. I mean, there is always a little bit of a surprise as Vanguard is doing so well. All systems go. If you look at ETF flows, they've taken in over half of the net flows this year. They do very vanguard and things that if you if you're not you're you're so used to it. But what they do is is commonly like just you know wild for example under Tim Buckley a Buckley. ETFs have taken in other vanguard has taken in almost $2 billion a day $3.6 trillion in asset growth. That's more like their asset growth under him is more than like two or three entire asset managers have an assets. So this is like a whole nother level. In addition, he created the personal advisory service or it created it. He built it. This is Vanguard becoming a wealth manager. This is crucial because some of their clients are getting older. They need more help with their finances that has 350 billion and change something like that. And then also, I think leaning into the ETFs was big. You know, Bogle did not like ETFs. So every successor since Bogle has moved more into ETFs and he continue that. And that's smart because ETFs are clearly the vehicle of choice over the mutual fund going forward and Vanguard leaning in. They really benefit from each other. ETFs got pressure on low fees, which helped their flows, and Vanguard got liquidity, which helps keep the long term investors protected from trading costs. And this is a little bit of a wild card question, but of course, you tweeted out this news and everyone in crypto, Twitter found some sort of link between the fact that Vanguard decided not to allow Bitcoin ETFs on their platform. And now Tim Buckley stepping down. I don't know if you would make that connection yet. No, there is no connection. The amount of touched a touchdown celebration going on by the crypto people. They were like, Oh, we got to scalp another scalp. And I'm like, Oh my God, these guys, some of these guys are crazy. Anyway, it had nothing to do with this. Yes, Tim Buckley was probably behind the decision not to let Bitcoin ETFs trade on the on the platform. But you have to know most Vanguard investors want nothing to do with a Bitcoin ETF anyway. This is not a big deal for the crypto crowd. So it's like they were insulted by it and they think it's correlated or related, but I would say it's not. Okay. Katie mentioned Vanguard is conducting a search for a replacement. What kind of place is Vanguard for the ETF talent out there? Is it a destination? Yeah, well, it depends if you like living in Malvern. I like the suburban life I could see, you know. But the trees. Yeah, it's a different kind of vibe. It's almost there. Some people call it a cult. It's definitely its own thing. You know, you might not make as much money if you're at that level, but there's probably some karmic or psychic income from knowing you're giving low cost to investors. That's generally the pitch for there. And so I think, you know, Greg Davis is there promoting him to president. He would be my first idea of who might do it, or Saleem Romney, who just left BlackRock. There's a couple other outside the box, but that person is going to have to focus on customer service. That's their one Achilles heel. That's where the next CEO focused on.

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Vanguard CEO Tim Buckley To Retire at Year-End

Tim Buckley, Vanguard's CEO since 2018, is said to retire at the end of 2024. Bloomberg's Eric Balchunas, author of "The Bogle Effect" has the story. (Source: Bloomberg)

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