Vanguard’s Trillion-Dollar Man Leads a Fixed-Income Revolution
by: Xie Ye; Liz McCormick
Josh Barrickman, who runs Vanguard’s $1 trillion bond indexing business for the Americas, leads the rise of new fixed-income market giants. His funds took in $31 billion last year, even as active managers posted record outflows amid the worst year for bonds since at least 1977. He now controls nearly as much U.S. debt—including Treasuries, agency and corporate bonds—as China, the U.S.' second-largest foreign creditor.
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