John Clifton “Jack” Bogle, founder of Vanguard Group died on 16 Jan 2019 (Wednesday) in Bryn Mawr, Pennsylvania. He was 89 years of age. John Bogle and his wife, Eve, have six children.
Vanguard (The Vanguard Group, Inc.) is one of the world’s largest investment management companies with over $5.1 trillion in assets under management.
The company was founded in 1975 where John Bogle served as chairman and CEO until 1996.
John Bogle created the world’s first index mutual fund, which enables investors to achieve high returns but at lower costs than for actively managed funds. He is often called the “father of index investing”.
In 2005, Paul Samuelson, the late Nobel Prize-winning economist, said that the the creation of the index fund as one of the world’s greatest inventions. “I rank this Bogle invention along with the invention of the wheel, the alphabet, Gutenberg printing, and wine and cheese”
Vanguard CEO Tim Buckley on Wednesday said in a statement that John Bogle “made an impact on not only the entire investment industry, but more importantly, on the lives of countless individuals saving for their futures or their children’s futures”.