Bill McNabb, the coach-flying optimist who took over as Vanguard's president and chief executive in August, describes the current market environment as "Vanguard weather," according to American Banker.
According to McNabb, Vanguard's number of new accounts increased during two of the most turbulent months this year, September and October. He also said buys outnumbered sells by 2 to 1 in the brokerage business, and 80 percent to 90 percent of individual investors stuck to their investing strategy.
Vanguard was one of the few mutual-fund giants that saw more investors streaming in than out in November. Inflows were $2.1 billion for the month, versus outflows of $5 billion in October, according to this story. Increasing interest in Treasury funds was likely a big booster.
Reader Comments