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

Vanguard, which oversees $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.

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