Vanguard, the world’s second-largest asset management giant with over $9 trillion in assets under management, announced on the 14th the appointment of former BlackRock executive Salim Ramji as its new CEO. Salim Ramji played a crucial role in the listing of the Bitcoin spot ETF at BlackRock. This has led to speculation in the cryptocurrency community about whether Vanguard will change its previous stance on cryptocurrencies.
Previously, Vanguard had faced widespread criticism in January for refusing to provide Bitcoin spot ETF trading services to its clients and no longer accepting purchases of cryptocurrency products. However, with Tim Buckley retiring as CEO and Salim Ramji taking over, there is speculation about whether Vanguard’s stance on cryptocurrencies will change.
Salim Ramji, a former partner at McKinsey, joined BlackRock 10 years ago and was responsible for corporate strategy. He also served as the global head of iShares and Index Investments, during which BlackRock launched the first Bitcoin spot ETF and a series of bond products. He resigned in January of this year.
Eric Balchunas, senior ETF analyst at Bloomberg, pointed out that this is the first time Vanguard has hired an external person as its CEO. Salim Ramji was responsible for the filing and logistical work of BlackRock’s Bitcoin spot ETF, IBIT.
In a statement, Salim Ramji expressed that he will work with Vanguard’s leadership team to guide the company into the future. It is worth noting that in a Bloomberg interview in July 2023, Salim Ramji had a positive view on cryptocurrencies.
Related reports:
– Vanguard refuses to sell cryptocurrency products, including Bitcoin futures ETF
– Vanguard, the world’s largest index fund, rejects Bitcoin spot ETF, causing a wave of capital withdrawals from the community
– Wall Street institutions that “look down on Bitcoin”: Vanguard refuses to trade spot ETF, Merrill Lynch takes a wait-and-see approach