![]() ![]() However, the merger ended badly and Bogle was therefore fired in 1974. He became president in 1967 and CEO in 1970. In 1966, he forged a merger with a fund management group based in Boston. Immediately after graduating from Princeton University in 1951, Bogle was hired by Wellington Management Company. Even if the stocks in the funds beat the benchmark index, management fees reduced the returns to investors below the returns of the benchmark. Bogle conducted a study in which he found that most mutual funds did not earn more money compared to broad stock market indexes. ![]() In 1951, for his undergraduate thesis at Princeton University, John C. The company also has offices in Canada, Australia, Asia, and Europe. It has satellite offices in Charlotte, North Carolina, and Scottsdale, Arizona. Vanguard's corporate headquarters is in Malvern, a suburb of Philadelphia. Admiral shares have slightly lower expense ratios but require a higher minimum investment, often between $3,000 and $100,000 per fund. Vanguard offers two classes of most of its funds: investor shares and admiral shares. Vanguard is owned by the funds managed by the company and is therefore owned by its customers. ![]() Bogle is credited with the creation of the first index fund available to individual investors and was a proponent and major enabler of low-cost investing by individuals, though Rex Sinquefield has also been credited with the first index fund open to the public a few years before Bogle. Along with BlackRock and State Street, Vanguard is considered one of the Big Three index fund managers that dominate corporate America. Several mutual funds managed by Vanguard are ranked at the top of the list of US mutual funds by assets under management. In addition to mutual funds and ETFs, Vanguard offers brokerage services, variable and fixed annuities, educational account services, financial planning, asset management, and trust services. It is the largest provider of mutual funds and the second-largest provider of exchange-traded funds (ETFs) in the world after BlackRock's iShares. ![]() is an American registered investment advisor based in Malvern, Pennsylvania with about $7 trillion in global assets under management, as of January 13, 2021. ![]()
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