George U. “Gus” Sauter, managing director and chief investment officer of Vanguard, will retire from the firm at the end of the year, and Mortimer J. “Tim” Buckley, a managing director, will assume the role of chief investment officer upon Sauter’s retirement, Vanguard announced today.

Sauter, 57, joined Vanguard in 1987 and currently directs the firm’s global investment management groups, which oversee $1.6 trillion of Vanguard’s $2.1 trillion in global assets. Buckley, 43, a long-time member of Vanguard’s senior staff, has directed Vanguard’s Retail Investor Group since 2006. The group serves 5 million individual investors through its client services, high-net-worth, brokerage, advice, annuity, college savings and processing operations.

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