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.

The -founded investing giant is lowering expense ratios for 168 share classes across 87 mutual funds and exchange-traded funds effective immediately, it said in a press release on Monday. The cuts mean Vanguard's average asset-weighted fee is now just 0.07% for its $10 trillion under management, compared with 0.44% for the rest of the industry.

The reduction is the largest Vanguard has ever undertaken, and amounts to a ...