Andrew Maack, global head of foreign exchange trading at Vanguard Group, who is also a senior manager in the firm's fixed-income group, has been named the new head of U.S. trading at the Malvern, Pa.-based money manager.
He will replace Michael Buek, a principal in Vanguard's $3.9 trillion equity index group and current head of U.S. trading, who retires at the end of the year after 33 years at the company, a spokeswoman confirmed Thursday.
Mr. Buek joined Vanguard in 1987 and was integral in the management of Vanguard's S&P 500 Index Fund from 1991 to 2016. He was later named head of U.S. trading in 2016, a news release Thursday said.
"Mike was a pioneer in the development of Vanguard's equity index management function and has been instrumental in leading our equity trading desk through critical inflection points over the past three decades," Vanguard Chief Investment Officer Greg Davis said in a statement in the news release.
Upon Mr. Buek's retirement, Mr. Maack will lead the firm's index portfolio management and trading functions for the U.S. trading desk, the spokeswoman said in an email.
Mr. Maack joined the firm in 2002 and founded the firm's foreign exchange desk. He has also served as an equity portfolio manager and municipal bond trader, among other roles, during his tenure at Vanguard, the news release said.
In his new role, Mr. Maack will report to Rodney Comegys, principal and global head of Vanguard's equity investment group.
Michael Eyre, the head of risk management in Europe, will assume the role of head of foreign exchange trading upon Mr. Maack's role change, the spokeswoman said.
Vanguard managed $6.6 trillion in assets as of Aug. 31.