Bill McNabb has started Vanguard's [profile] ETF expansion in Britain. Reuters reports that the Valley Forge, Pennsylvania-based low-cost mutual fund titan and third-biggest ETF provider worldwide, is slated to launch five ETFs on the London Stock Exchange.

Nick Blake, head of retail at Vanguard subsidiary Vanguard Asset Management, told the wire service:

"In the U.S., ETFs are a very large part of our business and account for a significant amount of new cash flow."

"We have been deliberately aggressive on price ... We would hope to see some transfer business," Blake said. "What we stand for is putting healthy competition in the market ... We still think there is further to go in terms of driving down prices."

Vanguard ETFs have attracted almost $22 billion of inflows globally year-to-date, above $13.3 billion for BlackRock's iShares [profile] and $7.2 billion for State Street Global Advisors [profile], according to ETF Industry Association data. 

Edited by: HFD


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