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.

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

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