Global asset management giant Vanguard, the second-largest in the world with over $9 trillion in assets under management, announced on the 14th the appointment of former BlackRock executive Salim Ramji as its new CEO. As Salim Ramji was a key driver in the listing of Bitcoin spot ETFs at BlackRock, there is much speculation in the cryptocurrency community as to whether Vanguard will change its previous stance against cryptocurrencies.
Background: Vanguard, known as “Wall Street’s resistance,” previously banned its clients from trading Bitcoin spot ETFs, stating that Bitcoin is an immature asset with no intrinsic economic value.
Tim Buckley, the current CEO of Vanguard, announced in March that he will retire at the end of this year. Now, his successor has been announced, with Salim Ramji set to take office on July 8th.
Previously, Vanguard 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’s retirement and Salim Ramji’s appointment, there is speculation as to whether Vanguard’s stance against cryptocurrencies will change, attracting attention from the cryptocurrency community.
Will Vanguard’s Stance on Cryptocurrencies Change?
Salim Ramji, a former partner at McKinsey, joined BlackRock ten years ago and was responsible for corporate strategy. He 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 this year.
Eric Balchunas, Senior ETF Analyst at Bloomberg, pointed out that this is the first time Vanguard has hired an external candidate as CEO. Salim Ramji was responsible for the filing and logistics of BlackRock’s Bitcoin spot ETF, IBIT.
In a statement, Salim Ramji expressed his intention to work with Vanguard’s leadership team to lead the company into the future.
Previously Praised Cryptocurrencies
It is worth noting that according to Coindesk’s report, in an interview with Bloomberg in July 2023, Salim Ramji expressed a positive view on cryptocurrencies.
Related Reports:
Vanguard Refuses to Sell Cryptocurrency Products, Including Bitcoin Futures ETF
The Largest Index Fund in the World, Vanguard, Rejects Bitcoin Spot ETF, Triggering a Wave of Withdrawals from the Community
Wall Street Institutions that “Look Down on Bitcoin”: Vanguard Refuses to Trade Spot ETFs, Merrill Lynch Takes a Wait-and-See Approach