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.
"OneSource's growth reflects how American investors have embraced the idea of an open mutual fund marketplace," said Schwab, now chairman and co-CEO of Schwab, in a statement.
Schwab's supermarket is composed of two parts - Retail OneSource, which offers more than 1,100 no-load funds and Schwab's Institutional OneSource, which offers another 529 funds for sale to individuals who work with financial planners and other intermediaries. In all, Schwab offers funds from 200 different fund families.