Asset Managers: Bum Merger and Fund Industry

asset managers: Instead of pursuing personal riches, he spread the ethos of low-cost fund management, saving investors untold billions and building the mutually owned firm into a 5 trillion juggernaut, according to Global Times China. Bogle's rise was anything but predictable. He turned the once frowned upon idea of tracking the broad stock market into the dominant form of investing. His senior thesis at Princeton on the mutual fund industry got him a job at Wellington Management, and he once derided the notion that asset managers should try to merely track the market. The company would be owned by its investors and only charge what it cost to manage their funds. But after leading a bum merger and getting pushed out of the firm, he founded Vanguard on entirely different principles. (news.financializer.com). As reported in the news.