The Art of Product Management at Vanguard
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The Art of Product Management at Vanguard

Rich Powers Vanguard had a dramatic year for new ETFs. The firm’s head of ETF product management, Rich Powers, talks about what’s behind those product launches, as well as the firm’s new commission-free platform. Vanguard has a vast exchange traded funds business here in the U.S., accounting for about a quarter of industry ETF market share. The firm captures about 30 percent of the cash flows. And it has been a pretty dramatic year for product launches, with 10 new ETFs introduced in the last 12 months, including six new factor funds, which are actively managed; two fixed income ETFs of ETFs; and two ESG funds. But that’s an anomaly for the firm; Vanguard has a total 80 funds here in the U.S. with $900 billion client assets. And it doesn’t plan on growing that number significantly. “I wouldn’t want you to walk away with any impression that we’re going to have anywhere near the large number of products that some of our competitors have,” said Rich Powers, head of ETF product management. “We’re at 80 today, and that’ll grow over time. But it won’t be 200 or 300. That’s not who we are.” Powers’ team is responsible for […]

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