New York (CNN Business) John Bogle, who created the first index fund in 1975 and founded The Vanguard Group, died Wednesday at the age of 89.

Bogle is legend in the investing world for inventing a low-cost way for individuals to invest in the broad market, and advocating for their interests.

"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," Vanguard CEO Tim Buckley said in a statement. "He was a tremendously intelligent, driven and talented visionary whose ideas completely changed the way we invest. We are honored to continue his legacy of giving every investor 'a fair shake.'"

Vanguard is now the largest investment firm in the world. And at the end of December, index funds had more than $6 trillion in assets under management, according to Morningstar. One of the largest is the Vanguard 500 Index Fund with more than $440 billion. All Vanguard index funds combined account for more than 70% of the firm's nearly $5 trillion in assets, according to the company.

Bogle was revered for his steadfast commitment to the best interest of the investor.

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