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 has lowered the expense ratio across 87 of its funds, bringing its average asset-weighted fee down to just 0.07% versus an industry average of 0.44%.