It is a small part of a big deal but Charles Schwab Corp.'s announcement that it would acquire U.S. Trust Corp. of New York means Schwab will wind up doing something it has tried to avoid.

When the $2.7 billion acquisition is complete, Schwab, of San Francisco, will own U.S. Trust's small, actively-managed fund group, the Excelsior Funds. Excelsior includes 27 no-load funds with approximately $8 billion in assets under management, according to the company.

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