Vanguard appoints former BlackRock index investing chief to take over as CEO! Will the no-crypto stance change?

Vanguard, the inventor of ETFs, announced the appointment of former BlackRock executive Salim Ramji as its new CEO and board member, effective July 8. Will Vanguard’s “crypto-free” investment stance change?

Salim Ramji serves as global head of index investing at BlackRock

Tim Buckley is the president and CEO of Vanguard Group. He joined Vanguard Group in 1991 and became CEO in 2018. He has served at Vanguard Group for 33 years. Buckley Ramji announced his resignation as chairman and CEO in February, and now it is announced that Salim Ramji will serve as the new CEO and board member, effective July 8.

Ramji has more than 25 years of experience in investments, capital markets and wealth management, including 10 years as a senior leader at BlackRock, where he previously held positions in iShares and Index Investing Global Head, responsible for two-thirds of the company's assets and growth.

Ramji was interviewed on Bloomberg TV last summer and talked with Bloomberg ETF analyst Eric Balchunas about the prospects of Bitcoin spot ETFs.

Will Vanguard’s “cryptocurrency-free” investment stance change?

At the beginning of this year, Bitcoin spot ETFs were launched in full swing in the United States, attracting many traditional finance and baby boomer investors to join. However, Vanguard Group, the pioneer and pioneer of ETFs, went in the opposite direction and strengthened its "no encryption" policy. Currency” investment policy, including withdrawing Bitcoin futures from the platform. It is at odds with the embrace of cryptocurrency-related commodities by financial institutions such as BlackRock.

This is the first time in Vanguard’s history that an outsider has been hired as CEO. However, Bloomberg ETF analyst James Seyffart believes that this does not mean that Vanguard will launch an ETF (at least in the short term), but he believes that Salim may reverse Vanguard’s position and allow customers to purchase Bitcoin spot ETFs on its brokerage platform.

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