One of the longest-serving overseers of Vanguard’s Equity Index Group is retiring at the end of the year.
Michael Buek, a principal of the division and head of U.S. trading, is leaving the fund giant after 33 years. Andrew Maack, the current global head of Foreign Exchange Trading, will replace Buek as head of U.S. trading.
“Mike was a pioneer in the development of Vanguard’s equity index management function and has been instrumental in leading our equity trading desk through critical inflection points over the past three decades, said Vanguard Chief Investment Officer Greg Davis, in a statement. “We are deeply grateful to Mike for his dedication and unwavering commitment to our clients, crew and Vanguard.
Davis noted that Maack is “extremely well-suited to lead Vanguard’s U.S. Trading team“ because of his “leadership of Vanguard’s foreign exchange trading desk, along with his equity portfolio experience.”
During his long tenure at Vanguard, Buek was instrumental in developing the team of portfolio managers who oversee the firm’s equity index funds whose assets now total $3.9 trillion, more than half the firm’s $6.6 trillion in total assets.