Who Is Salim Ramji? The Executive Who Took BlackRock Into Bitcoin—And Just Opened Vanguard to Crypto

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Key Takeaways

• Vanguard has finally opened up its brokerage platform to Bitcoin ETFs.

• The change has been widely anticipated ever since Salim Ramji took over as CEO.

• Ramji previously spearheaded BlackRock’s entry into crypto ETFs.

As the head of BlackRock’s iShares division between 2019 and 2024, Salim Ramji helped launch one of the first spot Bitcoin exchange-traded funds (ETFs) in the United States.

Now, sixteen months after leaving BlackRock to become the CEO of Vanguard, Ramji has steered the world’s second-largest asset manager in a similar direction.

Vanguard Drops Longstanding Opposition to Crypto

Under the leadership of Ramji’s predecessor, Tim Buckley, Vanguard resisted calls to enable crypto exposure, even as the range of available investment vehicles proliferated.

After BlackRock and other asset managers debuted the first Bitcoin ETFs in early 2024, Vanguard refused to make them available on its brokerage platform, arguing that they didn’t align with its investment philosophy.

When Ramji took the top job in July that year, many hoped he would steer the company in a more crypto-friendly direction.

But although he helped architect BlackRock’s Bitcoin fund, Ramji kept Vanguard’s moratorium in place for more than a year.

However, from Tuesday, Dec. 2, crypto ETFs will finally be eligible for listing on Vanguard’s platform.

In comments reported by Bloomberg, Andrew Kadjeski, the firm’s head of brokerage and investments, explained the decision to lift Vanguard’s crypto ban.

Having been battle-tested through periods of significant market volatility, “the administrative processes to service these types of funds have matured; and investor preferences continue to evolve,” he said.

Salim Ramji’s Views on Crypto

While less so than his predecessor, Ramji’s position on crypto remains cautious.

The Vanguard CEO has never expressed any special enthusiasm for the asset class.

While still at BlackRock, he framed Bitcoin ETFs in terms of expanding access to new asset classes without exposing investors to undue risk.

For now, there is no indication that Vanguard intends to offer crypto exposure in-house. But that may change as investor demand evolves.

Since 1975, Vanguard has mostly assumed a traditional portfolio consisting of stocks and Treasuries.

This basic principle continues to underpin the asset manager’s offering today.

But as alternative assets have grown in popularity, third party vehicles granting exposure to real estate, gold, and private equity, have slowly made their way onto its brokerage platform.

The firm’s move to accomodate Bitcoin ETFs is continuous with this conservative approach.

While BlackRock and others have been instrumental in establishing new markets, Vanguard has always waited before opening them up to clients, and the firm’s current CEO appears happy to keep doing so.

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