At BlackRock, Salim Ramji led the industry-beating iShares. Now he has big plans for Vanguard
Vanguard’s newly named chief executive Salim Ramji, the first outsider to lead the $9.3tn asset manager, has big plans to extend its reach well beyond the 50mn people it serves. The Pennsylvania-based group best known for retirement plans and low-cost funds is seeking to expand its advisory offerings. A dominant player in US mutual funds and exchange traded funds, it has struggled to grow internationally, lagging behind market leader BlackRock, which manages $10.
“He’s world class and he came in that way,” said Andy Saperstein, Ramji’s first boss at McKinsey, who is now co-president of Morgan Stanley. “He doesn’t try to make something marginally better, what could we do differently that will have an impact.” As head of iShares, Ramji helped build a product-launching machine that churned out a wide range of ETFs, ranging from funds focusing on narrow slices of fixed income securities to the wildly successful spot bitcoin ETF.
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