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• Vanguard’s Tim Buckley is to replace Bill McNabb as chief executive. McNabb will step down in January 2018. Buckley has also been appointed president and director of the passive fund giant. He was chief investment officer at the firm from 2013 and a member of the senior leadership team from 2001. McNabb, CEO since 2008, will remain as chairman of the board while Greg Davis, currently global head of the firm’s fixed income group, will become CIO with responsibility for $3.8trn managed across more than 300 mutual funds and ETFs.

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