The US-based investment advisor firm Vanguard has officially hired Salim Ramji, BlackRock’s former global head of ETFs, as its new CEO. Indeed, the appointment arrives after Vanugaurd opted to ban all recently approved Spot Bitcoin ETFs on its platform in January of this year.
Ramji was a crucial part of BlackRock’s operations and led its iShares & index investing, developing and enhancing the asset management firm’s offerings for their global client base. A major part of that was the firm’s recent Spot Bitcoin ETF which has proved immensely successful. Subsequently, the hire has many wondering if Vanguard could be set to enter the Bitcoin ETF space.
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Vanguard Appoints Former BlackRock ETF Head as Its CEO
The digital asset market underwent a landmark development earlier this year. Specifically, the US Securities and Exchange Commission (SEC) approved the issuance of 11 Spot Bitcoin ETFs. The decision was poised to have a massive impact on the market as a whole. Moreover, it made good on that potential just five months into the year.
One of the most prominent issuers of that initial group was BlackRock. Indeed, the $10 trillion asset management firm became one of the most trusted and successful names behind the product.
Subsequently, Vanguard has announced the hiring of Salim Ramji, the former global head of ETFs at BlackRock, to be its new CEO. Therefore, Ramji will succeed Tim Buckley, who departed the company through retirement, stepping down as Chairman and CEO.
Also Read: Vanguard Says They Will Not Offer Spot Bitcoin ETFs
Mark Loughridge, the lead independent director of Vanguard, noted the firm’s excitement. He stated that the company “looks forward to working closely with [Ramji] as we strengthen and expand our mission and purpose, driven by serving the interest of individual investors.”
Additionally, Loughridge noted the firm has “opportunities for growth ahead, including how technology and the client experience can drive solutions,” in the introductory press release. Those sentiments have many wondering if Vanguard could be the latest firm to explore the Bitcoin ETF space.
Ramji was undoubtedly crucial to BlackRock’s exposure to Bitcoin. Moreover, the hiring arrived just five months after Bitcoin ETFs were banned from the Vanguard platform. For many, the move appears to be a shift toward the future of finance, and the integration of Bitcoin.