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August 05, 2024 at 04:05 PM
Vanguard Group Chief Executive Officer Salim Ramji said his firm is “really about” low-cost investing, and that he’d eventually like that to carry into the world of private assets.
“Low-cost investing applies in index, and it applies in active — and I would like it over time to also apply in private assets,” Ramji said in an interview Monday on Bloomberg TV. He’d also “never” attempt to take the asset manager public, he said.
Ramji took over as CEO in July as the first-ever outsider to lead the company. The new chief executive, a onetime potential successor to BlackRock Inc. CEO Larry Fink, was picked to helm $9.5 trillion-asset Vanguard at a pivotal moment for the asset-management industry and in the company’s own history.
After a decade when investors shifted heavily to low-cost index funds investments like the kind Vanguard popularized, money managers are chasing new sources of revenue. These firms are touting active strategies and trying to expand in private credit, infrastructure and alternative assets for institutional and wealthy retail clients.
