Vanguard CEO Salim Ramji poaches talents from Wall Street rivals Goldman, BlackRock to boost asset management firm

Core Insights - Vanguard Group's CEO Salim Ramji is reshaping the company by attracting talent from major Wall Street firms to fill strategic positions [1][2] - The hiring trend aims to strengthen Vanguard's core business of low-fee mutual funds and ETFs while expanding into higher-margin sectors like wealth management and financial advice [3][5] Talent Acquisition - Ramji has made at least 10 senior hires from firms such as BlackRock, Goldman Sachs, and Fidelity, including Eve Cout as head of adviser solutions and Pete Spera as head of digital and analytics [2][3] - The strategy includes promoting from within while also focusing on external hires to enhance the company's capabilities [5] Business Strategy - Ramji's leadership has prioritized more profitable sectors while continuing to reduce fund fees, with the average asset-weighted expense ratio lowered to 0.06% [5] - A new wealth and advice division has been established, led by Joanna Rotenberg, which offers higher fees than passive funds but remains competitive [6] - Vanguard has partnered with Wellington Management and Blackstone to develop private asset funds for retail investors, marking a new focus area for the firm [6]