What will Vanguard
be like in the post-Brennan era? Bill McNabb
, who will be succeeding Jack Brennan
in the CEO suite at the Valley Forge, Pennsylvania-based company, does not foresee any major changes at the fund firm over the next several years, but he expressed an intention to further develop Vanguard's target-date funds and capture a larger slice of the 401(k) market,
| Bill McNabb |
"The market has spoken pretty clearly that creating more complete solutions for retirement savings is of the utmost importance,” McNabb told the pub. “There was an unspoken need to embed advice with investments, and people have begun to figure it out.”
That McNabb has singled out the 401(k) market is no surprise, given his background in the institutional space. Prior to being appointed president last month, McNabb led the institutional and international businesses at Vanguard. He will become CEO within the next 11 months. Brennan will remain chairman.
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