Posted on Jan 13, 2021 at 3:00 p.m.Updated Jan 13, 2021, 5:37 PM
Vanguard crosses a new symbolic threshold. The American asset manager has exceeded $ 7 trillion in assets, with $ 7.1 trillion (5.830 billion euros) outstanding at the end of 2020, announces its managing director Tim Buckley in the “Financial Times” on Wednesday . At the end of 2019, the Pennsylvania mutualist group had already risen above the 6,000 billion mark in assets. The explosion of the Covid-19 crisis could have halted its growth curve but the world number two in the sector benefited, like its competitors, from the stock market rally following the crash in March. “The fortunes of Vanguard customers grew by $ 930 billion during 2020”says Tim Buckley to the British newspaper.
Beyond the positive market effects of recent months, the manager collected, in net, 186 billion dollars last year, reveals his boss. This is less than the 264 billion in 2019, due to themajor institutional mandates in China and Australia. In Asia, Vanguard has chosen to directly target savers, its historical clientele. At the end of 2019, it formed an alliance with the fintech Ant Financial, a subsidiary of the e-commerce giant Alibaba, whose scope Beijing recently intends to reduce.