Our history
A history of innovation—Vanguard’s story
July 12, 2023
You may know that Vanguard has a distinctive investor-owned corporate structure1 and that we were a pioneer in making indexing available to retail investors. But did you know that we dropped sales charges in 1977 to become the first “no-load” fund group of our size, or that our online presence began in 1995, or that we launched our target-date funds, the Vanguard Target Retirement Fund suite, in 2003?
Keep reading to learn about some other highlights of our history.
Vanguard has had four chief executive officers
The distinguished financial leaders who have steered Vanguard since it began operations in 1975 are:
- Vanguard founder John C. Bogle (CEO from 1975 to 1995)
- John J. Brennan (CEO from 1996 to 2008)
- F. William McNabb III (CEO from 2008 to 2017)
- Mortimer J. Buckley (CEO since 2018)
Our history page describes some of the hallmarks of each leader’s tenure and has links to brief audio clips of their perspectives on what sets Vanguard apart.
When and where did Vanguard first operate outside the United States?
Our first international office was Vanguard Investments Australia, which opened for business in Melbourne in 1996. Since then, Vanguard has expanded its global footprint to include multiple European countries, Canada, Mexico, and China.
Is advice a new venture for Vanguard?
Vanguard began offering investment advisory and financial planning services in 1996 to help individual investors improve their outcomes. The focus on affordable fee structures set a new industry standard for value. Since then, our advice offerings have grown to enable investors to establish an ongoing relationship with a licensed advisor or to get a personalized investment plan and ongoing guidance through a digital financial planning and money management service.
You can find a more extensive timeline and more details by visiting Our history: Serving investors for nearly five decades.
1 Vanguard is owned by its funds, which are owned by Vanguard’s fund shareholder clients.
Notes:
All investing is subject to risk, including the possible loss of the money you invest.
Investments in Target Retirement Funds are subject to the risks of their underlying funds. The year in the Fund name refers to the approximate year (the target date) when an investor in the Fund would retire and leave the work force. The Fund will gradually shift its emphasis from more aggressive investments to more conservative ones based on its target date. The Income Fund has a fixed investment allocation and is designed for investors who are already retired. An investment in a Target Retirement Fund is not guaranteed at any time, including on or after the target date.
Vanguard’s advice services are provided by Vanguard Advisers, Inc. (“VAI”), a registered investment advisor, or by Vanguard National Trust Company (“VNTC”), a federally chartered, limited-purpose trust company.
The services provided to clients will vary based upon the service selected, including management, fees, eligibility, and access to an advisor. Find VAI’s Form CRS and each program’s advisory brochure here for an overview.
VAI and VNTC are subsidiaries of The Vanguard Group, Inc., and affiliates of Vanguard Marketing Corporation. Neither VAI, VNTC, nor its affiliates guarantee profits or protection from losses.
