Vanguard has appointed BlackRock’s former global head of iShares Salim Ramji to replace Tim Buckley as CEO.
Ramji (pictured), who left BlackRock in January, will take on the role on 8 July and comes after Buckley announced his retirement as Vanguard CEO and chairman in March.
He takes on Vanguard which currently houses $7.2trn assets under management across more than 50 million investors.
Ramji has over 25 years of financial services experience and was most recently responsible for managing the majority of BlackRock’s client assets and evolving the iShares platform.
Having joined the asset management giant in 2014, Ramji has led the most recent expansion of the group, making ETFs more central in retirement and wealth portfolios.
He has also been credited with creating a more efficient bond market by harnessing ETFs as an enabling technology, as well as being a key driver of BlackRock’s voting choice platform.
Before heading iShares, Ramji was head of US wealth advisory at BlackRock and previously head of global head of corporate strategy.
Prior to BlackRock, he was a senior partner at McKinsey, in charge of the group’s asset and wealth management practice and spent 16 years at the firm.
Ramji started his career as a lawyer at Clifford Chance, working in both Hong Kong and London.
Ramji said: “The current investor landscape is changing, and that presents opportunities for Vanguard to further its mission of giving people the best chance for investment success, which is more relevant today than at any time in the firm's five-decade history.”
Buckley added: "I have worked with Salim on the executive committee of the Investment Company Institute. He cares about advancing the interests of individual investors, has a strong fiduciary ethos, and thinks strategically about solutions.
“Salim understands our organization's deep sense of purpose and commitment to put clients first, which is a hallmark of Vanguard's leadership team and culture."
Vanguard also announced several changes to its board, set to take place following Ramji’s appointment.
Greg Davis, president and CIO of Vanguard, has been appointed to the board of directors, along with John Murphy, president and chief financial officer of Coca-Cola Company.
Mark Loughridge, lead independent director will be named non-executive chairman.
