##  [# Vanguard: A ‘Tone Change’ Since Ramji Joined as CEO](/sections/news/vanguard-tone-change-ramji-joined-ceo) 

 

# Vanguard: A ‘Tone Change’ Since Ramji Joined as CEO

 

 

The triple launch could be a sign of things to come.



 

 

 

 

 [![Toby](/sites/default/files/styles/author_image_icon/public/2025-02/Toby_Lawes_headshot%201.png?itok=Enh910I9)](/authors/toby-lawes) 

[By Toby Lawes](/authors/toby-lawes)

 Dec 19, 2024

 Edited by: Ron Day

 

 

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There has been a “tone change” since Salim Ramji joined Vanguard Gropu as CEO, according to product specialists at the firm, after *ETF Stream* [revealed](https://www.etfstream.com/articles/vanguard-to-end-launch-hiatus-with-fixed-income-etf-trio) that the U.S. giant is set to end its two-and-a-half-year launch hiatus with a trio of fixed income ETFs.

The $10.1 trillion asset manager has historically been known for a circumspect approach to ETF launches in Europe, with a current roster of just 34 products. [Vanguard](/topics/vanguard), of Malvern, Pennsylvania, is the No. 2 U.S. ETF issuer behind BlackRock Inc.'s iShares, managing $2.64 trillion in 86 exchange-traded funds.

This contrasts with Europe’s big three providers—BlackRock, Amundi and DWS—which have more than 1,000 ETPs between them.

In July, however, Vanguard appointed BlackRock’s former head of iShares and index investing Salim Ramji as CEO, replacing the retiring Tim Buckley. BlackRock is a firm known for prolific product rollouts.

“Do I think there has been a tone change \[since Ramji came in\]? Yes, we feel reinvigorated about bringing more solutions to our clients. I would love to see a few more solutions as we move into next year,” Kelly Gemmell, head of fixed income product specialism at Vanguard, told *ETF Stream* in a recent interview.

That said, “our philosophy is always about building out broadly-diversified, enduring products. We go for quality, not quantity,” commented David Hsu, head of index equity and ETF product specialism at Vanguard.

“Are we looking for efficiencies in that process? Yes, if there are efficiencies which do not compromise the values, then we would look to implement those,” added Gemmell.

## Active Fixed Income ETFs at Vanguard

Although the upcoming ETF trio will track indices, active fixed income [appears](https://www.etfstream.com/articles/vanguard-eyes-active-fixed-income-etfs) to be a clear area of focus for the firm.

“We are really good at active management on the fixed income side, and I think the numbers back that up. We are also really good on the ETF side,” said Gemmell.

“So could I see a situation where those two come together? I would like to see it. I can imagine that marriage working really well, but the fact remains that we are very thoughtful with our processes.”

 
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 [ Toby Lawes ](/authors/toby-lawes) 

 

 

    [View Bio](/authors/toby-lawes)

 



 

 


 Related Topics  [iShares](http://www.etf.com/topics/ishares) 

 [Europe](http://www.etf.com/topics/europe)