Former BlackRock Bitcoin ETF Lead Named New Vanguard CEO
Vanguard, one of the world's largest investment firms, has appointed Salim Ramji as its new CEO.
Ramji previously led BlackRock's ETF business and was instrumental in launching its spot Bitcoin ETF, IBIT, in January.
Ramji will replace Vanguard's outgoing CEO, Tim Buckley, who has been publicly critical of Bitcoin and opposed offering Bitcoin ETF products to clients.
Under Buckley's leadership, Vanguard did not provide its brokerage customers access to U.S. spot Bitcoin ETFs approved by the SEC.
The appointment of Ramji, effective July 8th, suggests a potential shift in Vanguard's stance.
As head of BlackRock's iShares division, Ramji oversaw the launch of the iShares Bitcoin Trust ETF and has spoken positively about the technology underpinning Bitcoin and its potential to reduce friction in financial markets.
Ramji's experience with Bitcoin ETFs at BlackRock raises the possibility that he might advocate for similar offerings at Vanguard.
Bloomberg ETF analyst Eric Balchunas noted that Ramji's appointment makes it more likely for Vanguard to consider Bitcoin products.
JUST IN: Salim Ramji will be the new Vanguard CEO. He used to head up BlackRock's global ETF business. First time ever Vanguard hired outsider as CEO. Every other one was internal star and former Bogle assistant. INTERESTING. SEMI-SHOCK.
— Eric Balchunas (@EricBalchunas) May 14, 2024
Vanguard offers index funds and ETFs to both retail and institutional investors.
With over $7 trillion in global assets under management, Vanguard launching a spot Bitcoin ETF could be a significant step toward further mainstream adoption.