FSB's too-big-to-fail plan flawed: Vanguard

New York

VANGUARD Group Inc, the world's second-biggest money manager, has joined the fight against a plan by the Financial Stability Board (FSB) to identify too-big-to-fail investment funds, calling its proposal deeply flawed.

Vanguard, which oversees US$3.3 trillion in assets, is "deeply disappointed" by the global financial regulator's approach, chief investment officer Tim Buckley and risk management head John Hollyer wrote in a May 29 letter to the board, posted on Vanguard's website.