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Vanguard hits back at Fidelity's loss-leader strategy by courting higher-margin businesses, like China and private equity, and axing low-margin ones like annuities -- Wealth management franchises are next -- and Chinese foray yields $315 million AUM in first 100 days, as ANT files blockbuster IPO

The zero-fee scourge of index funds awakened the sleeping Malvern, Pa.-based giant from its predictable destiny and now CEO Tim Buckley is unapologetically showing a willingness to cut losses and seek risk. His Chinese strategy seems to be already paying off.

Author Oisin Breen
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Karin Risi: We’re deepening our focus on our core priorities.

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RIA recap: Bernie Clark promises to 'be there' for coming TDA-Schwab system snafus; Fidelity gets custody win; Vanguard dishes out big tax bill to investors

Schwab RIA chief petitions for 'patience' for coming merger inconveniences but 'repapering' is no culprit; Carrie Pomerantz gets Schwab board seat; Addepar wins $65 billion AUM contract.

November 3, 2022 at 1:59 AM

Dimensional Fund Advisors, long the flagship of factor investing, struggles to chart a course as a nimble rival and big foot competitors cut into its market--and exploit its slow move to ETFs

Vanguard, BlackRock and Avantis rattle a complacent Dimensional Fund Advisors with fee cuts and ETF roll outs based on 'smart beta.'

August 9, 2022 at 1:57 AM

Vanguard Group shows up as 'alpha' disciple with two new fixed-income fund launches as it surpasses PIMCO's $2 trillion with ex-Goldman Sachs partner now calling the shots

The $8 trillion Malvern, Pa. manager owns beta investing, but RIAs are demanding higher income -- hence market timing and cherry picking -- from their fixed-income allocation.

August 10, 2021 at 11:46 PM

Jason Wenk raises $50 million from Vanguard Group and others, and Altruist may soon overtake Pershing's No. 3 RIA custodian spot, the Altruist founder asserts

The Los Angeles founder's disruption blitz involves a mobile-first Robinhood feel and a plug-and-play outsourcing one-stop-shop -- a sweet combination, except that it may not lure many big RIAs, analysts say.

May 20, 2021 at 3:22 AM

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July 9, 2019 — 5:53 PM
Doing business with Communist China is unwise and unethical. That Communist state is guilty of industrial espionage on a staggering scale. Yet financial firms turn a blind eye in order to acquire a piece of that state controlled market, thinking it to be lucrative and highly profitable. As the saying goes, "profit has no conscience".
Brooke Southall

Brooke Southall

July 9, 2019 — 5:58 PM
That'd be a hell of a debate topic -- the ethics of doing business with China. After all, hardly a minute passes when we aren't using Chinese products and writing hot checks against money we all borrow from China. But, yes, the intellectual theft is real, too.


July 24, 2019 — 5:43 PM
I am both surprised and concerned about Vanguard's abandonment of its investors in its Transamerica variable annuity fund who invested 32 billion into that Vanguard program which Vanguard represented and promised it would manage, control associate fees and costs, and include as part of those investors' Vanguard Portfolio. How can Vanguard, while still charging its fees to those investors, now say Transamerica will manage the fund without any restriction of fees and costs, which will likely be increased, and remove those investments from those investors' Vanguard portfolios. It's rationale that the investors of a $32 billion program don't count after Vanguard took their money for more than 14 years is clearly wrong, in breach of its obligations to those investors, and SEC regulations requiring it to abide by the terms and conditions pursuant to which people invested in that Vanguard Program. That it is a multi-trillion dollar business doesn't give it the right to say to hell with those investors.

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