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.

Even if they don’t cut fees, active managers need to determine whether prices are still fair and that their funds offer something that can’t be replaced with passive.

Vanguard is already a dominant player in equity investing, thanks to its enormous index-tracking funds and relatively low-cost active funds. It runs the world’s largest investment fund, a $1.78tn behemoth that tracks the entire US market, and its S&P 500 ETF is the world’s second-largest and closing in on the market leader.