Vanguard Group Inc. founder and former CEO Jack Bogle has died at the age of 89, the company said.
Bogle was widely considered one of the most successful American investors of the 20th century and helped found Vanguard, now one of the largest asset managers in the world, on the principle of index investing, a strategy that has increasingly dominated asset management in recent years.
Vanguard began operations in 1975, and the next year, it introduced the first index mutual fund for individual investors, the company said. That fund would eventually become the Vanguard 500 Index Fund and gather more than $441 billion in assets, from its initial underwriting of $11 million. Bogle was CEO from 1975 to 1996.
Vanguard now manages about $4.9 trillion across all its products.