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Money Management Executive

Schwab Adopts AXA Rosenberg Fund

February 03, 2004, 1:00 a.m. EST 1 Min Read

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.

According to the companies, it is the largest in the history of mutual fund adoptions. (See "M&A’s Still Strong Among Smaller Players," MME 10/27/03).

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.

"AXA Rosenberg's founding presence gives a real heritage of excellence to the Laudus name," Thompson said. "They represent our desire to offer only funds that meet 'best of
breed' standards coupled with innovative investment solutions."

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.

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