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.
Buek joined Vanguard in 1987, then moved onto the equity trading desk in 1991, becoming also an integral part of the management of the firm’s Vanguard S&P 500 Index Fund. He became head of U.S. trading in 2016.
Daniel Wiener, editor of The Independent Adviser for Vanguard, sees Buek’s pending departure as “an evolutionary change that comes with any long-established institution.” The portfolio managers within Vanguard’s equity indexing team have an average tenure of 13 years and more than 17 years of total investment management experience.
Maack’s tenure with Vanguard dates back to 2002. He has worked in the Vanguard Investment Management Group since 2004, founded Vanguard’s FX desk and has also served as an equity portfolio manager, a municipal bond trader and has held several roles in the Retail Investor Group. He will report to Rodney Comegys, principal and global head of Vanguard Equity Investment Group.
— Check out Vanguard Swaps Out Subadvisor on $9.8B Fund on ThinkAdvisor.