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.

Malvern-based Vanguard is pricing active funds cheaper as it competes with Schwab, Fidelity and other mass-market money managers.

"The reductions will save Vanguard's investors more than $350 million in 2025 alone, the largest annual expense ratio reduction in Vanguard's nearly 50-year history," the company said. "Lower fees mean fund investors can keep more of their returns and a competitive edge for our funds," said Greg Davis, Vanguard's chief investment officer.