Vanguard named the BlackRock executive who was responsible for the launch of its bitcoin exchange-traded fund as its new CEO on a Tuesday evening.
Salim Ramji parted ways with BlackRock in January to venture into a new leadership role or entrepreneurial opportunity outside the company, as he stated at the time. This decision was taken shortly after the fund manager went ahead with the launch of the iShares Bitcoin Trust (IBIT), for which Ramji was responsible for the filing and logistics, as stated by Bloomberg Intelligence’s senior ETF analyst, Eric Balchunas.
Balchunas made a comment in a post saying “He (Salim Ramji) has displayed interest in digital assets even though it’s uncertain if this will affect Vanguard’s standpoint, but seeing as he will now be the CEO, who knows. The situation is more open to changes now IMO”.
The Wall Street Journal was the first to report the appointment on a Tuesday, while the company confirmed his appointment later that evening in a press release.
In a statement, Ramji shared his intention to join hands with Vanguard’s leadership to navigate the company towards the future.
Emphasising the dynamic investor landscape, he underscored the potential opportunities it offers for Vanguard to continue its mission of providing the highest probability for investment success, something that’s notably relevant today than any other period in the firm’s five-decade history. He outlined his primary focus on enabling Vanguard to rise to the occasion, while adhering to its fundamental purpose – being a reliable firm that prioritises all its investors.
Nate Geraci, the president of ETF Store remarked on the curiosity of whether Salim Ramji would endeavour to give Vanguard investors access to cryptocurrency, similar to his efforts for BlackRock investors.
The choice of Ramji is unexpected, considering Vanguard’s lack of support for bitcoin and Ramji’s known fascination with the sector. This has fueled discussions on social platforms about the asset manager reconsidering its position.
“The underlying technology that underpins bitcoin and the blockchain technology, something that we’re incredibly excited about, and we’re excited about it because it removes frictions or at least has the promise of removing frictions across the ecosystem,” Ramji said in an interview on Bloomberg TV in July 2023. “The underpinnings are really powerful for us and that really sparked our interest.”
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