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 organization, according to CNBC, at $5.1trn in AUM, managing assets from more than 20 million investors in 170 countries.
Bogle was chairman and CEO of his company until 1996. CNBC reports his personal fortune was valued at $80m.
During his life, he wrote 13 books on investing, the most recent one being just last year, entitled 'Stay the Course: The Story of Vanguard and the Index Revolution'. The devotees of his investment teachings started a blog based on his advice, Bogleheads.org.
His primary philosophy was built around "common sense" investing, a phrase he used in two of his books.
He is survived by his wife, Eve, and six children.
This article was first published in Investment Week