When Vanguard opened a small office in London 15 years ago, the US asset management firm ushered in a new era of competition for fund groups in the UK. For years, they had operated without significant pressure to lower fees.
The Pennsylvania company, founded in 1975 by index investing pioneer Jack Bogle, announced in 2009 that it would offer Britain the same style of low-cost funds that had earned it a huge following in its home market.
