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Fran Kinniry is a twenty-three year veteran at the Vanguard Group, where he\\u2019s led the teams that spearhead Vanguard\\u2019s research into new products. Fran helped Vanguard enter the direct advice business, developed Vanguard\\u2019s Advisor Alpha concept, started its Investment Strategy Group, and most recently heads Vanguard\\u2019s latest initiative investing in private equity.

Our conversation covers an overview of Vanguard business, Fran\\u2019s three roles over a quarter century at the firm, behavioral coaching, and the firm\\u2019s foray into private equity. We discuss the research process leading to the introduction of private equity, potential scale across institutional and retail clients, timing of the decision, fees, and manager selection.\\xa0 We then close discussing Vanguard\\u2019s cooperative ownership model, compensation, and the future of index fund.

When the industry\\u2019s leading index fund manager known for low-cost investing steps into high-cost private equity after years of research that showed the benefits of the asset class, those calling for the abandonment of active management should take notice. Like all other practitioners in active management, Fran and Vanguard preach outcomes over costs.

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