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.

Vanguard Group has cut fees on 87 of its 428 investment funds. The Malvern, Pennsylvania-based investment giant says the reductions will save some of the company’s more than 50 million stock and bond fund investors a total of more than $350 million this year,

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.