Five Questions For: Jack Bogle, Vanguard Index Fund Pioneer
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September 27 (Bloomberg) -- Jack Bogle, founder of the Vanguard Group, launched the firstindex fund 35 years ago on Aug. 31, 1976, with $11.4 millionin assets. His fund took the then-radical step of holding allthe equities that made up an index such as the Standard &Poor's 500, rather than paying a manager to pick stocks. Alsoradical: The fund charged a quarter of the fees of a typicalactively managed mutual fund.
Index-based assets in U.S. mutual funds and exchange-tradedfunds now total $1.9 trillion, according to the InvestmentCompany Institute. Some $900 billion of that is at Vanguard.