Vanguard founder Jack Bogle dies at age of 89

Set up Vanguard in 1975

Jack Bogle, founder of Vanguard Group and creator of the first index mutual fund in the world, has died at the age of 89.

Bogle passed away on Wednesday in Bryn Mawr, Pennsylvania, Vanguard said in a statement. Bogle was a pioneer of index investing, allowing investors for the first time to achieve returns similar to the market with lower investment fees. He founded Vanguard in 1975, which has grown to become the world's largest mutual fund organisation, according to CNBC, at $5.1trn in AUM, managing assets from more than 20 million investors in 170 countries.  Vanguard chairman McNabb to step down Bogle was chairman and CEO of his company until 1996. CNBC reports his personal fortune was valued at...