Continuing the recent trend of firms taking over as investment advisors for existing funds, Charles Schwab Investment Management, Inc. has just finalized a long-discussed deal to grab the reigns of AXA Rosenberg Funds and thus created a new fund network, Laudus Funds.
While AXA Rosenberg will remain as the portfolio manager sub-advisor, Schwab will handle "general oversight and business management" and has appointed Jana Thompson as the president of the new group. The adopted funds themselves, previously simply called Laudus Funds, will now be called Laudus Rosenberg Funds.
As of Dec. 31, Schwab ranked 11 th among U.S. fund companies with $138 billion assets under management.
Seventeen-year-old AXA Rosenberg handles $40 billion in its multi-faceted realm, and another $3.2 billion through a Dublin mutual fund sub-division.