Vanguard has announced the death of its founder, John Clifton Bogle, who died yesterday in Bryn Mawr, Pennsylvania at the age of 89.
Bogle introduced the first index mutual fund for investors and drove down costs across the industry by campaigning the interests of investors, and saw the investment firm cease to market its fund through brokers, instead offering them directly to investors.
A decade after founding Vanguard, which he coined ‘The Vanguard Experiment’ at the time, Bogle recalled his challenge was to build a new and better way of running a mutual fund complex.
“The Vanguard Experiment was designed to prove that mutual funds could operate independently, and do so in a manner that would directly benefit their shareholders,” he said.
Bogle was active in the investment industry, serving as chairman on boards and analysis issues affecting the financial markets until his death.