Investment management company Vanguard has announced that Michael Buek, a long-tenured principal in Vanguard Equity Index Group and head of U.S. trading, will retire at the end of December 2020. He has spent 33 years with the firm.

Vanguard also announced that Andrew Maack, who currently serves as the global head of FX Trading, will lead the firm’s index portfolio management and trading functions for the US trading desk following Mr Buek’s retirement.

“Mike was a pioneer in the development of Vanguard’s equity index management function and has been instrumental in leading our equity trading desk through critical inflection points over the past three decades. We are deeply grateful to Mike for his dedication and unwavering commitment to our clients, crew and Vanguard,” said Vanguard Chief Investment Officer Greg Davis. “Andy’s creation and leadership of Vanguard’s foreign exchange trading desk, along with his equity portfolio experience, make him extremely well-suited to lead Vanguard’s U.S. Trading team. I’m confident the team will be in good hands under his leadership.”

During his tenure at Vanguard, Mr. Buek was instrumental in developing the deep and talented team of portfolio managers who oversee the firm’s equity index funds. His experience and expertise were also a driving force behind crucial market structure changes that improved investor outcomes.

Mr. Buek joined Vanguard in 1987 and joined the equity trading desk in 1991. He was integral in the management of the Vanguard S&P 500 Index Fund from 1991 to 2016 before assuming the position of head of U.S. trading in 2016.

Mr Maack joined Vanguard in 2002 and has worked in the Vanguard Investment Management Group since 2004. Mr. Maack founded Vanguard’s FX desk and, since that time, has built the firm’s currency trading capabilities into an industry-leading team known for executing high trading volumes at a very low cost. Prior to his current role, he served as an equity portfolio manager, a municipal bond trader and held several roles in the Retail Investor Group.

He will report to Rodney Comegys, principal and global head of Vanguard Equity Investment Group.