The company’s sweeping expense ratio cuts for dozens of funds may pressure other asset managers to lower their costs too.

Vanguard announced fee reductions for 168 mutual fund and exchange-traded share classes across 87 funds. The move will save investors roughly $350 million this year. The asset manager’s wide fee cut comes less than a month after Vanguard agreed to pay more than $100 million to the Securities and Exchange Commission over alleged violations involving its target date retirement funds.

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