Salim Ramji is betting the path to Vanguard Group customers’ hearts is still through their wallets. In the first major initiative in Ramji’s six-month run as chief executive, Vanguard on Monday slashed the fees on nearly half of its U.

Vanguard Group has slashed the fees for dozens of its mutual funds and ETFs in a record move that’s likely to send a shock wave through the asset management industry.Most Read from BloombergNew York’s

Vanguard on Monday announced reductions to the management fees of 87 investment funds, reportedly the largest such cuts in company history.

The company’s sweeping expense ratio cuts for dozens of funds may pressure other asset managers to lower their costs too.

Vanguard is making good on promises to disrupt bond funds and continue to squeeze costs out of equity investing with the largest round of fee cuts in its history. The $10tn money manager announced it would lop between 1 and 6 basis points off the expense ratios of 87 funds,

Key Takeaways The Vanguard Group on Monday announced the largest management fee cuts in its history.The move will reduce the cost of putting money in 87 exchange-traded funds and mutual funds, Vanguard said.