Malvern-based Vanguard Group has continued to grow under its first external CEO, Salim Ramji, who has recommitted the firm to the low-fee principles championed by its late founder, Jack Bogle, while exploring AI-driven innovation, writes Joseph N. DiStefano for The Philadelphia Inquirer.
Vanguard has added over $1 trillion in customer assets since he took over, continuing the company’s strong trajectory after gaining $7 trillion over the past eight years.
Ramji came to Vanguard from BlackRock, where he was fund chief. His entry as Vanguard CEO was smoothed by the top job being split three ways, with longtime director Mark Loughridge taking over as board chairman and Greg Davis staying on as president.
Since joining, Ramji has overseen a strategic alliance with stock-and-bond fund manager Wellington Management to sell funds that combine public and private equities and debt, instead of strictly publicly-traded stocks and bonds.
He also said no to crypto.
“At Vanguard, we like investments that deliver cash flow,” said Ramji earlier this year.
In May, the company announced its first client-facing generative AI, but held back on client-facing applications.
“They are really good – but we want to make sure we’re doing it in a very responsible way,” said Ramji at the time.
Read more about Vanguard and how to seeks to expand its financial service reach through AI and other factors in The Philadelphia Inquirer.
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