Vanguard Services history

Dissatisfaction began to arise among management and in 1974, because Bogle's associates from the Boston firm had a majority on the Wellington Management Company's board of directors, they summarily fired him.

From its start in 1975, Vanguard has stood out as a very different kind of investment firm.

At first the board of directors rejected this proposal, but in 1977 it was decided that the two funds should get rid of Wellington Management Company as their distributor and designate Vanguard.

F. William McNabb III, who joined Vanguard in 1986, is named CEO, succeeding John J. Brennan.

Brennan, only 40 years old at the time of the appointment, had worked at the company for 13 years and had acted as Bogle's deputy since 1989.

Assets managed by Vanguard in December 1991 had increased to $75 billion.

Ever mindful of the way extra costs decrease a customer's yields, in 1993 Vanguard introduced four new no-load funds with minimal expenses.

By the end of 1994, Vanguard's total asset base had increased to $132 billion.

In the first half of 1995, the fund had taken in a net $1.5 billion of new money from investors.

Bogle's successor, CEO John J. Brennan, the company continued to expand, first venturing outside the United States in 1996 when it established offices in Melbourne, Australia.

The Personal Financial Services (PFS) division, started in 1997, was made up of Vanguard Asset Management and Trust Services and Personal Financial Planning.

In 1998 alone, Vanguard added more than two million new accounts, boosting its total to more than 12 million by the end of the year.

Vanguard's board of directors, including Bogle's successor as CEO, sought to force John Bogle into retirement when he reached the age of 70 in May 1999.

In March 2000 Vanguard said it planned to offer two new actively managed funds and formed a partnership with Turner Investment Partners to reorganize the Turner Growth Equity Fund into the Vanguard Growth Equity Fund.

In 2012, the Mansour Group—one of the largest private-sector conglomerates in the Middle East & North Africa—acquired Vanguard as a long-term strategic asset.