Feb 29 (Reuters) - U.S. asset management giant Vanguard Group said on Thursday Tim Buckley would retire as CEO and chairman by the end of the year after more than three decades at the company, including over six years as CEO.

The firm has initiated a process to select a new CEO from internal and external candidates, it said. Chief Investment Officer Greg Davis has been appointed to the additional role of president, effective immediately.

Buckley had joined Vanguard in 1991 and was appointed CEO in 2018 after covering several roles, including chief investment officer before being named CEO. Under his tenure Vanguard has expanded its assets under management by 80% to $9 trillion.

"It has been an absolute privilege to lead Vanguard and help advance the company’s mission of giving clients the best chance for investment success," he was quoted as saying in a statement. "Today, Vanguard is poised to seize the opportunities of the future while continuing to deliver for our investor-owners,” he said.

Pennsylvania-headquartered Vanguard is the world's second largest asset manager by assets after BlackRock.

In his expanded role, current CIO Greg Davis will oversee all aspects of the firm's investment management, retirement business and services for Vanguard's financial advisory clients.

Davis was appointed CIO and global head of Vanguard Investment Management Group in 2017. He currently oversees $8 trillion worth of fixed income and equity assets.

He is a member of the Treasury Borrowing Advisory Committee of the U.S. Department of the Treasury and the Federal Reserve Bank of New York Investor Advisory Committee on Financial Markets.

https://www.reuters.com/markets/us/vanguard-ceo-buckley-retire-by-year-end-2024-02-29/