Vanguard Group (VOO), one of the world's largest ETF issuers, announced it is reducing fees on 168 mutual funds and ETF-related share classes, potentially saving investors over $350 million this year.

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.

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

The Pennsylvania-based fund giant stands to gain ground against rivals such as BlackRock while earning more goodwill from retail investors.

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

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 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