John C. Bogle, the founder of Vanguard Group and a fierce advocate for investors’ rights who revolutionized retirement savings, has died at his home in Bryn Mawr at the age of 89, write Jason Zweig and Sarah Krouse for The Wall Street Journal.
Bogle achieved legendary status in the national investment community by introducing the first index mutual fund for investors and for driving down the mutual fund costs.
In 1974, he founded Vanguard, the Malvern-based mutual-fund company, now one of the world’s biggest investment management firms with $4.9 trillion under management.
He retired as Vanguard’s chairman and CEO in 1996 and senior chairman in 2000. He then became president of the Bogle Financial Markets Research Center.
“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,” said Vanguard CEO Tim Buckley.
Over the years, he was named one of “the world’s 100 most powerful and influential people” by Time magazine, and Forbes magazine said Bogle “has done more good for investors than any other financier of the past century.”
Bogle never hid his love for Philadelphia. For years, he was first chairman of the board of trustees and chairman emeritus for the National Constitution Center and a member of the American Philosophical Society and American Academy of Arts and Sciences.
He also wrote more than 10 books and numerous articles for trade and business publications.
Bogle is survived by his wife, Eve, whom he married in 1956, daughters Barbara Bogle Renninger, Jean Bogle, Nancy Bogle St. John, and Sandra Bogle Marucci, sons John C. Bogle Jr. and Andrew Armstrong Bogle, 12 grandchildren, and six great-grandchildren.