Jack Bogle, who founded Vanguard Group, an investing juggernaut now with more than $5.1 trillion in assets under management, and created the world’s first index mutual fund, has died. He was 89.
Bogle passed away on Wednesday in Bryn Mawr, Pennsylvania, according to a statement from Vanguard. Bogle, who preached buy and hold investing, was considered one of the world’s greatest investors. His index mutual fund enabled investors to achieve high returns but at lower costs than for actively managed funds.
He founded Vanguard, the world’s largest mutual fund organization, in 1975, and later served as chairman and CEO until 1996. Vanguard now manages assets from more than 20 million investors in about 170 countries.
Bogle, whose personal fortune was a valued at relatively modest $80 million, had a history of cardiac problems, suffering the first of a half-dozen heart attacks at age 31 and undergoing a transplant at 65.
He wrote 13 books on investing, most recently the 2018 “Stay the Course: The Story of Vanguard and the Index Revolution. Bogle attended high school on the Jersey Shore before earning a scholarship to Blair Academy, a prestigious private school in the state. He graduated in 1947 and went on to Princeton.