Jack Bogle, Founder of Vanguard Group and Creator of the Index Fund, Dies at Age 89

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. CNBC reports:

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.