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![Gus Sauter, Vanguard Group's chief investment officer, is pictured in the board room at the Vanguard Headquarters in Valley Forge, Pennsylvania, December 2, 2010. Sauter convinced former Vanguard CEO Jack Brennan that Gus Sauter, Vanguard Group's chief investment officer, is pictured in the board room at the Vanguard Headquarters in Valley Forge, Pennsylvania, December 2, 2010. Sauter convinced former Vanguard CEO Jack Brennan that](https://c8.alamy.com/compfr/2cy175h/gus-sauter-vanguard-groups-chief-investment-officer-is-pictured-in-the-board-room-at-the-vanguard-headquarters-in-valley-forge-pennsylvania-december-2-2010-sauter-convinced-former-vanguard-ceo-jack-brennan-that-etfs-index-tracking-funds-that-trade-in-real-time-at-ever-changing-prices-on-a-stock-exchange-were-a-natural-fit-for-vanguard-the-largest-manager-of-traditional-mutual-funds-that-mirror-various-indices-to-match-special-report-investing-etf-reuters-tim-shaffer-united-states-tags-business-2cy175h.jpg)
Gus Sauter, Vanguard Group's chief investment officer, is pictured in the board room at the Vanguard Headquarters in Valley Forge, Pennsylvania, December 2, 2010. Sauter convinced former Vanguard CEO Jack Brennan that
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![Vanguard Group's Chief Investment Officer Gus Sauter (R) stands with Vanguard CEO Bill McNabb in the board room at the Vanguard Headquarters in Valley Forge, Pennsylvania, December 2, 2010. Sauter convinced former Vanguard Group's Chief Investment Officer Gus Sauter (R) stands with Vanguard CEO Bill McNabb in the board room at the Vanguard Headquarters in Valley Forge, Pennsylvania, December 2, 2010. Sauter convinced former](https://c8.alamy.com/compfr/2e5p3t4/vanguard-groups-chief-investment-officer-gus-sauter-r-stands-with-vanguard-ceo-bill-mcnabb-in-the-board-room-at-the-vanguard-headquarters-in-valley-forge-pennsylvania-december-2-2010-sauter-convinced-former-vanguard-ceo-jack-brennan-that-etfs-index-tracking-funds-that-trade-in-real-time-at-ever-changing-prices-on-a-stock-exchange-were-a-natural-fit-for-vanguard-the-largest-manager-of-traditional-mutual-funds-that-mirror-various-indices-to-match-special-report-investing-etf-reuters-tim-shaffer-united-states-tags-business-2e5p3t4.jpg)