Vanguard Group chief executive Mortimer J. “Tim” Buckley will retire by year-end, the company said on 29 February, capping a six-year tenure during which the investment manager’s assets increased more than 80%.

Buckley was tasked with expanding a firm that was already a behemoth when he took over in 2018. Now with $9tn in assets under management, Vanguard is the second-largest money manager in the world after BlackRock. It has largely built itself by offering some of the lowest-cost funds in the industry.