The Vanguard Group was founded in 1975 by John C. Bogle in Malvern, Pennsylvania, [[United States of America (USA)]] pioneering low-cost index fund investing for retail investors. Key developments: - 1975: Founded, launched first index mutual fund - 1976: Introduced unique mutual ownership structure - 1981: Launched money market funds - 2000: Bogle steps down as chairman - 2018: First company to reach $5 trillion in assets Ownership structure: - Mutually owned by its funds - Funds owned by their shareholders - Not publicly traded - Unique structure keeps costs low Key features: - World's second-largest asset manager - Pioneer of index fund investing - Known for: * Low-cost investment products * Passive investment strategy * [[ETF]]s and mutual funds * Client-owned structure * Long-term investment philosophy The company revolutionized investment management through its low-cost index funds and mutual ownership structure, making investing more accessible to retail investors.