Sherif Assef Quoted in Bloomberg BNA Transfer Pricing Report on Vanguard Whistleblower Suit

Managing Director Sherif Assef commented on a recent whistleblower suit against Vanguard Group, Inc. in which Vanguard was questioned about its treatment of a closely held entity that acted as the company’s fund management company. In assessing the allegations that Vanguard operated for decades as an “illegal tax shelter” because of its pricing practices, Sherif said that “they should be operating at arm’s length” and contended that a profit margin is appropriate regardless of whether certain services involve domestic or cross-border transactions.