Tributes have been paid after the investment legend John C. Bogle, founder of Vanguard, died yesterday.

Mr Bogle’s passing, at the age of 89, was revealed by Vanguard today.

Mr Bogle passed away at his home in Bryn Mawr, Pennsylvania.

He married Eve Sherrerd in 1956. The couple had six children – daughters Barbara Bogle Renninger, Jean Bogle, Nancy Bogle St. John, and Sandra Bogle Marucci, and sons John C. Bogle Jr. and Andrew Armstrong Bogle.

The couple had 12 grandchildren and six great-grandchildren.

The firm’s website read: “Mr Bogle had near-legendary status in the American investment community, largely because of two towering achievements:

•  He introduced the first index mutual fund for individual investors and, in the face of sceptics, stood behind the concept until it gained widespread acceptance.

•  He drove down costs across the mutual fund industry by ceaselessly campaigning in the interests of investors. Vanguard, the company he founded to embody his philosophy, is now one of the largest investment management firms in the world.”

Vanguard CEO Tim Buckley said: “Jack Bogle made an impact on not only the entire investment industry, but more importantly, on the lives of countless individuals saving for their futures or their children’s futures.

“He was a tremendously intelligent, driven, and talented visionary whose ideas completely changed the way we invest.

“We are honoured to continue his legacy of giving every investor ‘a fair shake.’”