Vanguard Group Inc.’s biggest salvo yet in its campaign to cut fees for the investing masses presents industry rivals with a painful choice. Follow suit and lose potentially hundreds of millions in revenue — or hold the line and risk losing badly needed market share.

Vanguard Group has slashed the fees for dozens of its mutual funds and ETFs in a record move that’s likely to send a shock wave through the asset management industry.Most Read from BloombergNew York’s

Vanguard, the world’s second-largest ETF issuer, recently announced its largest fee cuts in its 50-year history. The company has reduced fees