Vanguard’s head of US trading Michael Buek to step down

Vanguard announced that its long-tenured principal in Vanguard Equity Index Group and head of US trading, Michael Buek, will retire at the end of December 2020 after 33 years with the company. Upon Buek’s retirement, Andrew Maack, who currently serves as the global head of FX Trading, will lead the firm’s index portfolio management and trading functions for the US trading desk.

Vanguard Chief Investment Officer Greg Davis commented:

Greg Davis, Vanguard

Greg Davis
Source: LinkedIn

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. We are deeply grateful to Mike for his dedication and unwavering commitment to our clients, crew and Vanguard. Andy’s creation and leadership of Vanguard’s foreign exchange trading desk, along with his equity portfolio experience, make him extremely well-suited to lead Vanguard’s U.S. Trading team.  I’m confident the team will be in good hands under his leadership.

During his tenure at Vanguard, Buek played a key part in developing the team of portfolio managers who oversee the firm’s equity index funds. His experience and knowledge were a driving force behind crucial market structure changes that improved investor outcomes.

Buek started working in Vanguard back in 1987 and joined the equity trading desk in 1991. He was essential in the management of the Vanguard S&P 500 Index Fund between 1991 and 2016 before taking the role as head of US trading in 2016.

Maack joined the company in 2002 and in 2004 he moved to the Vanguard Investment Management Group where he has worked since. Maack founded Vanguard’s FX desk and built the firm’s currency trading capabilities into a team with high trading volumes execution at a low cost.  Prior to his current role, he was an equity portfolio manager, a municipal bond trader and held several roles in the Retail Investor Group. At his new position, he will report to Rodney Comegys, principal and global head of Vanguard Equity Investment Group.

Today Vanguard Equity Index Group is a portfolio manager with over $3.9 trillion in assets across the globe. The group draws on the expertise and diverse perspectives of its global team, which enables Vanguard to deliver precise tracking to its benchmarks and exercise prudent risk management and competitive investment performance for more than 30 million clients. The portfolio managers within the equity indexing team of the group have an average tenure of 13 years at Vanguard and more than 17 years of total investment management experience.

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