George Sauter is to retire from his post as managing director and chief investment officer at Vanguard on 31 December, when managing director Mortimer Buckley will replace him as CIO.

Sauter joined Vanguard in 1987 and currently directs the firm’s global investment management groups, which oversee a combined $1.6 trillion of Vanguard's $2.1 trillion in global assets.

In his new role, Buckley will inherit a group of over 300 equity, fixed income, risk management and investment strategy professionals, according to chief executive Bill McNabb. 

Buckley, a senior member of staff since 2001, has directed the retail investor group since 2006 and joined the firm in 1991 as an assistant to the then-chairman John Bogle. He has also held various leadership positions within the planning and development, retail investor and web services groups.

Between 2001 and 2006 Buckley was CIO and head of the firm’s information technology division and at present is also a member of the portfolio review group. The portfolio review group is made up of nine executives, including McNabb and six senior staff.

Vanguard is headquartered in Valley Forge, PA, and manages 170 US-based mutual funds with approximately $1.8 trillion in assets.