Vanguard, the fund company that oversees more than $3 trillionin assets and that has built its brand largely on itslow-cost, passively managed indexed mutualfunds, has been cited by Labor Secretary Thomas Perezin public comments and in testimony before Congress as a companythat operates with its clients’ best interests in mind.
On one occasion, Perez quoted Vanguard founder Jack Bogle in aninterview with CNBC in which he defended Labor’s initiative tocraft a new fiduciary standard for all retirement advisors.
“When you put your customers first, that’s not only good for thecustomer, it’s good for business,” said Perez, quoting Bogle.
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