John C. Bogle, the father of the retail index fund and an outspoken champion for low-cost investing that won him heroic status among individual investors, died Wednesday. He was 89.
Bogle was the founder of the Vanguard Group
, the mutual fund giant known for inexpensive mutual funds that track a market index rather than try to beat it. Vanguard is now a giant of the asset-management industry that has shifted toward the passive style of investing and saved trillions of dollars for investors in the process.
“Jack 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,” Vanguard Chief Executive Tim Buckley said in a news release Wednesday afternoon that confirmed Bogle’s death. “He was a tremendously intelligent, driven and talented visionary whose ideas completely changed the way we invest. We are honored to continue his legacy of giving every investor ‘a fair shake.’”
Bogle formed Vanguard in 1974 and it began operations the next year. As of Sept. 30, 2018, it had about $5.3 trillion in global funds under management, according to the company.