麻豆约拍

In 1975 John Bogle founded Vanguard, a fund management company. Since then it has grown into the second largest fund manager in the world, overseeing more than $3.5 trillion. He is also credited with revolutionising the sector, driving down costs and boosting returns to savers thanks to two innovations.

He created the first passive fund which invests in all shares in a stock market index, thereby not needing to pay fund managers to actively decide which shares to buy and sell.

Secondly, he set up Vanguard as a mutual - owned by those who give it money to invest - thereby not needing to pay dividends to external shareholders.

In this edition of Money Box Live, John Bogle gives his first UK broadcast interview to Louise Cooper.

We also hear criticisms of the passive approach - that it is insufficiently nimble to avoid over-exposure to stock bubbles and that it does too little to hold the management of companies in which it invests to account - over executive pay, for instance.

Also on the programme:
- Saker Nusseibeh from Hermes Investment Management
- Andrew Clare, Deputy Dean and Chair of Asset Management of Cass Business School
- Ben Johnson. Director of Global Exchange-Traded Funds research for the independent investment research provider Morningstar.

Presenter: Louise Cooper
Producer: Paul Waters.