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No Magical Fountain of Alpha for Vanguard

CIO-elect Tim Buckley says Vanguard will stick to diversification and simplification on his watch.

Tim Buckley, who takes over as Vanguard's chief investment officer when Gus Sauter retires at the end of this year, has never worked as a securities analyst or portfolio manager, but he has been a CIO before. From 2001 to 2006, he was Vanguard's chief information officer and managed the fund family's programmers, software, and hardware. How does that qualify Buckley to lead the investment operations of a nearly $2-trillion-in-assets firm? Morningstar analysts asked Buckley, who has run Vanguard's Retail Investor Group since 2006, this and other questions in a recent interview. Here's the edited transcript:  

Q: Do you consider the CIO job that you are taking over more of an investment-management job or a management job?