Charles Schwab's Mutual Fund OneSource hit a milestone late last month when the assets of its mutual fund marketplace reached the $100 billion mark. Approximately $30 billion of new money was invested during 1999, translating into a 47 percent increase in assets for the year.
In 1992, Charles Schwab, founder of the firm that bears his name, pioneered the concept of the mutual fund shopping mall. During its first year of operation, Schwab's supermarket attracted more than $8 billion. By 1997, assets had grown more than four-fold, to $50 billion.