The appointment of Salim Ramji as the new CEO of Vanguard, a major U.S. asset management company, has triggered speculation about potential shifts in the firm’s stance towards Bitcoin.
Earlier this year, Vanguard’s decision not to offer spot Bitcoin ETFs on its brokerage platform drew criticism from some long-time customers. Despite the backlash, the asset manager stood firm, stating that the move would be a misalignment with its investment philosophy, which is focused on asset classes such as equities, bonds, and cash.
Eric Balchunas, a Bloomberg ETF analyst, described Vanguard’s decision to hire an outsider as a “semi-shock.” He noted that previous CEOs were often selected from its internal staff.
Meanwhile, Balchunas remarked that Ramji has previously spoken positively about Bitcoin and blockchain technology, but he doesn’t think he would change Vanguard’s stance on cryptocurrency. He added the new CEO was involved in the filling process for his previous employer, BlackRock’s spot Bitcoin ETF, iBIT.
Fellow Bloomberg ETF analyst James Seyffart shared a similar sentiment. He predicted that Ramji might not oversee the launch of a spot Bitcoin ETF at Vanguard but potentially reverse its policy of not allowing clients to buy spot Bitcoin ETFs on its platform.
Ramji, a seasoned financial executive with over 25 years of experience in investments, capital markets, and wealth management, made significant contributions during his tenure at BlackRock Inc. He served as the Global Head of iShares & Index Investing, managing a substantial portion of the firm’s client assets and expanding the iShares platform to offer a broader range of low-cost products for investors worldwide.
Ramji’s efforts have increased investment opportunities for millions of investors. His departure from BlackRock will conclude his ten-year stay at the firm.
Ramji will succeed Tim Buckley, a long-time Bitcoin critic, as Vanguard’s CEO starting July 8. Buckley announced his plans to retire in late February 2024, prompting the search for a new CEO.
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