“Investors aren’t likely to get bailed out by double-digit returns,” McNabb said in the interview. “The consequences of that are: if you’re in the accumulation stage of life you’ve got to think about what you’re saving, and if you’re in decumulation you’ve got to think about what you’re spending.”

Vanguard managed more than $3.5 trillion globally as of April 30, the most recent figures available. Investors added an estimated $218 billion to its mutual and exchange-traded funds in the 12 months through April, according to Morningstar.

McNabb, without naming competitors’ products, expressed concern about the growth of narrowly focused exchange-traded funds, which he said create risk by using clever packaging to attract investors.

“The proliferation has gotten out of hand,” McNabb told the conference. “I really do worry about some of the new ideas that are out there. We’re not selling toothpaste or different colored watchbands.”

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