Vanguard names Bitcoin-friendly former BlackRock exec as new CEO

Asset management giant Vanguard has appointed Salim Ramji, a former executive at BlackRock known for his favorable stance on Bitcoin, as its new CEO. Ramji will take over from Tim Buckley, a longtime critic of Bitcoin, starting July 8.

Vanguard began its search for a new CEO in late February following Buckley’s announcement of his retirement plans. Ramji’s departure from BlackRock came shortly after he played a role in the launch of the iShares Bitcoin Trust on January 11, 2024. As the former Global Head of iShares and Index Investments at BlackRock, he was also a member of the firm’s Global Executive Committee.

Notably, Vanguard faced backlash from some of its longstanding clients in January when it opted not to offer spot Bitcoin ETFs on its brokerage platform. This decision coincided with Vanguard’s offering of the “Inverse Jim Cramer ETF.” Despite pressure, Vanguard reiterated its stance against offering spot Bitcoin products, citing a misalignment with its investment philosophy.

Ramji’s appointment as CEO raises speculation about potential shifts in Vanguard’s approach to cryptocurrency and Bitcoin in particular. However, Vanguard remains steadfast in its position, emphasizing its focus on traditional asset classes like equities, bonds, and cash as the foundation of a well-balanced, long-term investment portfolio.

Source: cointelegraph.com

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