Vanguard made headlines by touting what it called “our largest-ever reduction in expense ratios.” The asset manager known for rock-bottom costs, said it was reducin

The world’s second-largest asset manager has slashed the cost of fund investing, in a record move that is expected to save investors more than $350 million this year alone.

Vanguard on Monday announced reductions to the management fees of 87 investment funds, reportedly the largest such cuts in company history.

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 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.