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

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.

Key Takeaways The Vanguard Group on Monday announced the largest management fee cuts in its history.The move will reduce the cost of putting money in 87 exchange-traded funds and mutual funds, Vanguard said.