Vanguard CIO retires after quarter of century
George Sauter, managing director and chief investment officer of Vanguard, is to retire at the end of the year, the company has announced.
Sauter joined Vanguard in 1987, two weeks before the October stock market crash that year. Vanguard offered two index funds at the time – Vanguard 500 Index and Vanguard Total Bond Market Index funds – with assets of $1.2bn. today the company manages over $1.1trn in aggregate index assets, much thanks to the work of Sauter, who worked on expanding the portfolio of index products offered by the company.
Mortimer Buckley, managing director, will take up the role of CIO when Sauter leaves later this year. Buckley has been a member of Vanguard’s senior staff since 2001, and has directed the Retail Investor Group since 2006. Between 2001 – 2006, he was chief information officer and head of the Information Technology Division at the firm.
Vanguard CEO Bill McNabb said: “I’ve had the privilege of working with Gus Sauter for 25 years, and he has been a valued colleague and friend. On behalf of the entire Vanguard family, I thank him for his dedication and service to our clients and our crew. Under his leadership, Vanguard has emerged as a world-class investment management firm with an unparalleled record of accomplishment. And it is equally important to acknowledge Gus for his contributions as a member of Vanguard’s senior staff; the entire enterprise has greatly benefited from his values, judgment, investment acumen, and ability to identify and develop the best investment talent in the industry.”