Vanguard CEO warns against multi-asset funds

As asset management companies around the world come to grips with the post-global financial crisis environment, one of the growing risks to the business is the emphasis on macro-type products, argues Bill McNabb, global CEO of Vanguard. Speaking with AsianInvestor on a trip to the firm’s new Hong Kong office, McNabb says a major post-2008 trend in the business is to push active products “that say they can be anything and go anywhere”. Challenged on the question of whether multi-…