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Wednesday, September 10, 2008|
McNabb Opens Up To MStar
Bill McNabb's been on the job less than two weeks and already he's sharing a bit with Morningstar. On Wednesday the Chicago-based fund rating specialists unveiled part of an interview with the new Vanguard CEO in one chair and Dan Culloton, Morningstar senior fund analyst and Vanguard Fund Family Report in the other. And no, McNabb insisted, he's not planning an IPO.
"We will be a mutual, mutual fund organization for the next several centuries," McNabb told Culloton. "Our biggest strength is our structure. And we all believe in it very deeply ... So that's certainly not going to change."
McNabb, who took over from chairman John Brennan on August 31 (see MFWire, August 1, 2008, and MFWire, February 22, 2008), said his chief concerns for the fund business in the coming years, positive and negative, center on the continued intermingling of different markets.
"Globalization is, obviously, going to present a lot of opportunities, but it's also going to present a lot of complexities," McNabb said.
And when asked about whether or not Vanguard might launch a global bond fund (to follow up on its global stock index fund), McNabb didn't commit one way or the other, but he did admit it's time "to step back and at least think about it."
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