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By Martin GILBERT, Co-CEO of Aberdeen Standard Investments
The praise for Vanguard founder Jack Bogle, who sadly passed away last month, has been universal. Such moments lend themselves to superlatives and in Jack's case, they are totally warranted. His work came to totally redefine the investment industry. He was to our industry what Henry Ford was to the motor car and Steve Jobs to technology.
His work on index-tracking funds in the 1970s paved the way for the arrival of the exchange-traded funds of the 1990s which led to a five-fold surge in assets in passive strategies in the aftermath of the financial crisis. That growth came at the expense of active managers and the trend is set to continue. So it could be seen as strange for the leader...
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