Quote of the week

"[People] don’t expect retirement to begin with social security and sit on the back deck in a lounge chair for the rest of their lives. This group really wants to remain active."

Jeff Cimini, head of personal retirement at Merrill Lynch

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George Sauter is to retire from his post as managing director and chief investment officer at Vanguard on 31 December, when managing director Mortimer Buckley will replace him as CIO.

Sauter joined Vanguard in 1987 and currently directs the firm’s global investment management groups, which oversee a combined $1.6 trillion of Vanguard's $2.1 trillion in global assets.

In his new role, Buckley will inherit a group of over 300 equity, fixed income, risk management and investment strategy professionals, according to chief executive Bill McNabb. 

Buckley, a senior member of staff since 2001, has directed the retail investor group since 2006 and joined the firm in 1991 as an assistant to the then-chairman John Bogle. He has also held various leadership positions within the planning and development, retail investor and web services groups.

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