Vanguard, which kicked off a price war when it brought its passive investment products to the UK nine years ago, has now cut fees for its UK active fund range too.

The $5.1tn US asset manager is known primarily for its cheap index-tracking funds, especially in Europe. But the latest move reflects a push to build appetite on this side of the Atlantic for its actively managed funds, many of which are run under license by firms such as Wellington Management and Baillie Gifford.