The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:McNabb Speaks, Sails for Britain and Eyes the Globe Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, February 02, 2009

McNabb Speaks, Sails for Britain and Eyes the Globe

by: Neil Anderson, Managing Editor

Vanguard is jumping into the United Kingdom asset management business as a prelude to more global expansion. Nick Rice reports that move in Monday's Financial Times, even as Vanguard CEO Bill McNabb described the beginning of his working life in Sunday's New York Times.

Rice predicts Vanguard's UK move will involve both active and passive offerings, and describes it as yet another factor, along with the fallen stock market and the resulting outflows, that put downward fee pressure on other asset managers in the UK. Citing Morngingstar, he notes that UK index funds cost 70 to 100 basis points and active one cost 150 bps, compared with 15 and 26 bps for Vanguard's US offerings.

Meanwhile, McNabb tells the New York Times about his first few jobs: a paper route in Rochester, a Latin teacher and sports coach at Haverford, a credit analyst at Chase Manhattan Bank, and a guaranteed investment contract (GIC, a kind of insurance-based fixed offering the 401(k) market) specialist. He likens business to the teamwork needed in rowing, a sport he apparently still competes in. 

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2020: Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2020
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use