Vanguard is not kicking everyone who turns seventy out the door, despite its mandatory retirement policy. The exception is Burton Malkiel, a long-time proponent of the efficient market theory (think of A Random Walk Down Wall Street) and a 25-year veteran of the Valley Forge, Pennsylvania fund firm's board.

It was Dan Wiener, editor of the Independent Adviser for Vanguard Investors, who first spotted Malkiel's recent birthday, prompting the Wall Street Journal to follow up with the fund firm. According to a Vanguard spokesperson, the fund firm's board asked Malkiel to stay on board for another two years.

The paper also notes that Vanguard founder Jack Bogle did not get such a nice invite after his seventieth birthday bash three years ago. But then Malkiel does not cast the same shadow over Jack Brennan's corner office as Bogle did. Bogle is now the head of the Bogle Financial Markets Research Center, a Vanguard sponsored think-tank.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE