No customers were affected by the actions, a Fidelity spokesperson said.

Fidelity will cut fees on 14 passive products.

While Vanguard is often associated with mom-and-pop investors and 401(k) accounts, its also attracted more assets from financial advisers, accounting for more than $1 trillion of the companys assets last year.

The flood of money into passive products is causing concerns among some managers.

Vanguard Group filed to create a new share class for some funds that would charge as little as 1 cent for every $100 invested.

Net income increased to $299.8 million, or $1.12 share, from $267.7 million, or $1, a year earlier.