This undated handout photo provided by Vanguard shows George “Gus” Sauter, chief investment officer of Vanguard. Sauter, 58, is retiring at year-end after 25 years with Vanguard, the largest mutual fund company. While founder Jack Bogle became the public face of Vanguard, Sauter helped turn Bogle’s vision into business success, expanding the company’s lineup of low-cost index mutual funds and continually minimizing investors’ costs. (AP Photo/Vanguard)