Tim Buckley Retires and Vanguard’s Growth
Asset management firm Vanguard CEO Tim Buckley is set to retire by the end of 2024 after steering the company for six years and clocking a total of 33 years at the organization. Vanguard, the second-largest asset management firm following BlackRock, witnessed substantial growth under Buckley’s tenure. The firm reported an increase in its global client base to over 50 million investors, up from tens of millions, and a remarkable surge of over 80% in assets under management, now totaling $9 trillion.
Bitcoin ETFs and Industry Response
In a recent statement, Vanguard disclosed that despite the surge of Bitcoin exchange-traded funds (ETFs) in the financial industry, it currently has no plans to incorporate such products into its platforms. Janel Jackson, Vanguard’s head of ETF Capital Markets and Broker and Index Relations, emphasized this stance, stating that:
“Given the current state of crypto as an asset class, Vanguard does not have plans to launch its own bitcoin ETF or any crypto-related products. When deciding what investment products to offer, we consider a range of factors, including whether we believe they have enduring investment merit and meet our clients’ needs.”
Jackson further elaborated that despite the heightened discussion around bitcoin and cryptocurrencies, Vanguard remains unconvinced of their suitability in long-term investment portfolios.
On the other hand, Vanguard’s competitor BlackRock has been making strides with its Bitcoin spot ETF, garnering significant attention in the markets. BlackRock’s ETF, trading as IBIT, set new records with a trading volume of $3.3 billion, marking a notable uptrend. Similarly, Fidelity observed considerable trading activity, with its Bitcoin ETF posting a trading volume of $1.4 billion. Meanwhile, reports surfaced that Morgan Stanley is contemplating the addition of spot Bitcoin ETFs to its brokerage platform, currently in the due diligence phase.
