Vanguard Makes Rare Retreat as Price War It Started Takes a Toll
- Net U.S. inflows during first 10 months were lowest since 2013
- Firm pared some expansion plans, focusing on retail strength
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Vanguard Group created the price-cutting fervor that became an Olympic sport in money management. Now it’s feeling the toll of that competition.
The fund giant amassed $6.3 trillion on founder Jack Bogle’s once-contrarian idea that it could thrive by focusing on cutting costs for investors. That ethos, which helped Vanguard earn the trust of small savers and big institutions alike, has been showing its limits in a turbulent year.