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Tim Buckley, Vanguard’s new president and incoming CEO has , said the company will keep lowering fund expenses as it grows. "If other people want to offer index funds, great. But you better be ready to keep lowering price, and we’re going to do it across every product."
Fee wars have broken out across the U.S. asset management industry. This week Fidelity announced fee cuts on 14 passive products and said some of its funds now have net expenses below comparable ones at Vanguard. BlackRock, the world’s largest money manager, last year reduced expense fees on 15 exchange-traded funds and Charles Schwab Corp. has also attracted money to its ETFs by trying to undercut Vanguard on similar products. Last year alone 226 Vanguard funds and ETFs reported expense ratio declines, saving customers an estimated $337 million cumulatively, the company said.
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