Exchange traded fund (ETF) executives continued their rivalry with Vanguard’s Jack Bogle; publishing a letter in The Wall Street Journal. Officials from Alesco Advisers, HealthShares, and Barclay’s Global Investors fired back at Bogle in response to his criticism, in order to defend the industry. Joe Morris of Ignites reports that among one of the most charged statements was from Lee Kranefuss, of BGI, who claimed Bogle was wrong in taking credit to launch the first index fund, rather BGI deserves the props.
One of Bogle’s main points in his letter was that he never took credit for inventing the index fund, he was the first to develop one, which is now in Vanguard’s S&P 500 fund. He adds that BGI didn’t create the first one either, it was Well’s Fargo Bank which BGI acquired in 1996, 25 years after that fund rolled out.
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