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, the world’s second-largest ETF issuer, recently announced its largest fee cuts in its 50-year history. The company has reduced fees

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As one of the world’s largest asset managers, Vanguard’s move will pass on significant savings to investors while also putting significant margin pressure on ETF competitors. However, the implications for the ETF industry will vary by ETF category.

Vanguard Group Inc.’s biggest salvo yet in its campaign to cut fees for the investing masses presents industry rivals with a painful choice. Follow suit and lose potentially hundreds of millions in revenue — or hold the line and risk losing badly needed market share.

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