Vanguard is expected to announce shortly that starting May 10, it will slash fees on 63 of its funds, The Wall Street Journal reports.
Investors with $100,000 or more to invest will qualify for Admiral share classes, which start at nine basis points, or half the cost of other share classes. Previously, investors with balances of $150,000, or in some cases, $250,000, qualified for the Admiral price breaks.
That means $225 billion worth of investor assets at Vanguard, or roughly a quarter of its $825 billion of assets under management, will qualify for the new price breaks - in what appears to be a heating-up price war between Vanguard and Fidelity, despite protests of Vanguard Chairman Jack Brennan.
"This has been the plan for some time," Brennan told WSJ.