Vanguard takes the P2P plunge

Interview: Andy Maack seeks to lower costs and dealer dependence via buy-side matching

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Andy Maack: algo savings are part of Vanguard’s alpha
William Reiner

The secret to Vanguard’s success is well known. By cutting costs for investors it has been able to attract more money, and attracting more money allowed it to squash costs more effectively, creating a virtuous circle that has seen the firm swell to $6.2 trillion in assets under management.

Turns out the recipe applies to Vanguard’s foreign exchange trading as well. Around 80% of its spot flows are now handled by execution algorithms, according to global head of FX Andy Maack – a choice that

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