Article originally appeared on InvestmentNews

In Malvern, Pennsylvania, with little notice, Vanguard began operations May 1, 1975.

Vanguard founder, John C. Bogle, wrote in his 2002 book, Character Counts: “When we began operations on May 1, 1975, we employed twenty-eight crew members.” In 333 pages, Bogle tells the Vanguard early story through 42 speeches over two decades. 

And what a story. Vanguard observed its 50th last week. The firm and industry media acknowledged its great achievements. 

Vanguard grew to $10 trillion in AUM and 20,000 employees in fifty years. Numerous industry and financial publications took note, including The Evidence-Based Investor, Barron’s, and Kiplinger. 

This growth is historic; the question is what are the engines behind this growth? Innovation, marketing, technology, strategy, management, employees, favorable regulation? What are the lessons learned?

Vanguard CEO Salim Ramji noted, “Fifty years ago, Jack Bogle started a revolution …”

In his statement, Ramji repeatedly cited the “crew” – a term Bogle first used to address its employees. Those familiar with the firm’s iconic logo, depicting a large ship, will likely recognize his penchant for the nautical.

Peter Drucker (1909-2005) may well have been the most influential management consultant in the 20th century. Drucker put corporate culture and the care for all personnel on CEO’s agenda. He put it simply: “Management is about human beings.”

The first time Bogle publicly spoke in a dedicated speech on his thinking behind his focus on all crewmembers and “human beings” seems to be an April 2002 speech addressed to the Johnson Graduate School of Management, Cornell University.

He starts, “Over the years I have come to love and respect the term, ‘human beings’ to describe those with whom I serve and those clients whom we at Vanguard serve together … it is human beings who are at the core of both our service strategy and our corporate operating strategy.

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