Capital Allocators – Inside the Institutional Investment Industry Fran Kinniry – The Comfort of Paradox at Vanguard Group (Capital Allocators, EP.173)
Jan 18, 2021
Fran Kinniry, a 23-year veteran at Vanguard Group, leads their private equity initiative and has played key roles in innovative product research and Advisor Alpha concept. He shares insights on Vanguard’s evolution from $300 billion to nearly $6 trillion in assets and the importance of behavioral coaching in investment decisions. Kinniry discusses integrating private equity into portfolios, selecting top managers, and the balance between active management and indexing. He also reflects on personal values and the need for adaptive strategies in a changing market.
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Vanguard's Early Days
- Fran Kinniry's first day at Vanguard felt like visiting a historical monument.
- He was on the same floor as investment icons like Jack Bogle and Jack Brennan.
Vanguard's Diverse Management
- Vanguard started as an actively managed firm, contrary to popular belief.
- It's now one of the largest index and active managers, plus a major advisory service.
Kinniry's Three Roles
- Fran Kinniry held three startup roles at Vanguard over 23 years.
- He began by developing the investment side of Vanguard's advisory services.