Asset manager Vanguard said on Monday it was lowering the cost of investing across its fund lineup in its largest cut ever and estimated that this would translate into savings of more than $350 million for its investors this year.

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

Malvern-based Vanguard is pricing active funds cheaper as it competes with Schwab, Fidelity, and other mass-market money managers.

Vanguard just announced its largest fee cut in the asset manager's history, which is great news for investors. Here's what you need to know.

Vanguard announced fee reductions for 168 mutual fund and exchange-traded share classes across 87 funds. The move will save investors roughly $350 million this year. The asset manager’s wide fee cut comes less than a month after Vanguard agreed to pay more than $100 million to the Securities and Exchange Commission over alleged violations involving its target date retirement funds.