On May 16, 2017, it was reported that Vanguard had launched a brokerage account in the United Kingdom (they were already selling funds and ETF's since 2010 in the UK through Vanguard Asset Management Ltd), and would begin "marketing its low-cost funds directly to retail clients." The press reported that UK rivals experienced drops in share value as a result, with an analyst quoted saying "Vanguard’s plan to shake up the UK investment market with online low-cost direct access to its funds could spark a game-changing price war that stings brokers and fund managers alike." At the time, Vanguard had $4.3 trillion of assets under management, and was the world’s second-largest fund company.[28]