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Vanguard CEO Tim Buckley to Retire by End of Year

Vanguard’s CEO, Tim Buckley, will retire by the end of 2024, concluding a remarkable six-year tenure at the helm of the firm and a remarkable 33-year career within the company.

Notably, Vanguard stands as the second-largest asset management firm globally, trailing only behind BlackRock.

During Buckley’s leadership, Vanguard experienced substantial growth, expanding its client base to over 50 million investors worldwide, an increase of tens of millions. Assets under management surged by over 80% to an impressive $9 trillion. In light of this transition, the firm has announced the appointment of Greg Davis, the current chief investment officer, to the additional role of president, effective immediately.

Vanguard’s Anti Crypto Stance

In January, Vanguard clarified that it currently has no immediate intentions to introduce spot Bitcoin exchange-traded funds (ETFs) to its platforms, despite the growing attention surrounding such ETFs in the industry.

Janel Jackson, Vanguard’s head of ETF Capital Markets and Broker and Index Relations, emphasized this stance, stating, “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 explained, “While the discussion about bitcoin and cryptocurrencies, in general, has increased recently, we do not currently believe that there is an appropriate role for them to play in long-term portfolios.”

Wall Street Banks Hungry for Crypto

BlackRock, Vanguard’s competitor, has been making waves in the markets with the launch of its Bitcoin spot ETF, sparking significant interest. The ETF, traded under the ticker symbol IBIT, has broken its personal record for the third consecutive day, reaching an impressive $3.3 billion in trading volume. Similarly, Fidelity’s spot Bitcoin ETF also experienced a surge, doubling its previous record with a trading volume of $1.4 billion on the same day.

Adding to the buzz, a media report surfaced on Wednesday suggesting that Morgan Stanley is contemplating the inclusion of spot Bitcoin ETFs on its brokerage platform. The financial giant is currently in the process of conducting due diligence regarding this potential move.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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