Can CEO Salim Ramji Improve Vanguard's Service Without Raising Fees
(Photo: Salim Ramji, CEO, Vanguard)
July 21, 2024
Early this month, Salim Ramji took on his biggest career challenge as the new Chief Executive of Vanguard Funds. Based in Valley Forge, near Philadelphia, Vanguard is the second largest U.S. fund manager, investing $9.3 trillion across 423 funds for more than 50 million clients.
“When Jack Bogle founded Vanguard in 1975…investing was the exclusive preserve of large institutions and the very wealthy and even then at extremely high fees,” Ramji, 53, wrote in a post on LinkedIn, earlier this year, when he accepted the job as Vanguard’s CEO. “Vanguard relentlessly challenged this orthodoxy by lowering the cost of investing, reducing the barriers to access and adopting a business model where investors were owners and the company’s singular focus…”
“I believe the revolution to democratize investing has never been more important than it is today. Millions of people are seeking convenient, low-cost ways to invest soundly – in the investments they hold, the advice they receive and the technology they use – from a company they trust to look out for their interests….That’s why I am so excited today to officially join Vanguard,” Ramji noted.
Apparently, Vanguard’s board brought in Ramji as the first CEO from outside the firm in an effort to turnaround the performance. Ramji’s major challenges are to continue to offer a wide range of low-cost investment products; quickly make Vanguard’s mobile app and online platforms easier for customers to use; and improve service, all without raising fees or charging new fees.
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