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Rating:Schwab Grows its Laudus Roster with a UBS Fund Not Rated 2.0 Email Routing List Email & Route  Print Print
Monday, July 13, 2009

Schwab Grows its Laudus Roster with a UBS Fund

Reported by Meredith Mazzilli

Charles Schwab has made good on hints at adding style diversification made earlier this year. Charles Schwab Investment Management announced Monday its latest addition to the family of Laudus Funds. The Laudus Growth Investors US Large Cap Growth (LGILX) fund (formerly the UBS US Large Cap Growth Fund) officially became part of the Laudus roster July 10, and sport san expense ratio of 78 bps. The fund will continue to be subadvised by Growth Investors, which operates under the umbrella of UBS Global Asset Management.

The new fund will use the same Growth Investors portfolio management team it has used since it was started under the UBS name in 2002. The team will use the Laudus model of making institutional quality investment managers available in relatively low-cost investment products.

The fund will employ a "pure growth" strategy, in which companies are identified based on their potential for sustainable above-average sales and profit growth. This strategy will fill in a gap that Schwab previously recognized in its lineup.Peter Crawford, SVP for investment management services at Schwab, told the MFWire in April that "we don't have a trust growth offering", when discussing possible additions of third party funds to Schwab's lineup (see the MFWire, 4/20/2009 ).

Jeff Mortimer, president of Laudus funds and chief investment officer for Charles Schwab Investment Management, noted the benefits of bringing the new fund into the family.

"Our new partnership with Growth Investors gives our clients access to a global leader in large-cap growth investing at a highly competitive price," Mortimer said.

The renamed fund will retain the performance history of the UBS Large Cap Growth Fund. Schwab currently manages 85 mutual funds, and the family of 16 Laudus funds currents has roughly $3 billion in assets.






COMPANY PERSS RELEASE

Schwab Announces New Laudus Large Cap Growth Fund

Growth Investors Team at UBS Brings 10-Year Track Record to Laudus Funds Investors

SAN FRANCISCO--Charles Schwab Investment Management, Inc. the asset management subsidiary of The Charles Schwab Corporation, has announced the newest addition to its Laudus Funds lineup – the Laudus Growth Investors U.S. Large Cap Growth Fund, successor to the UBS U.S. Large Cap Growth Fund.

The Fund seeks to benefit from the proven management of the portfolio management team at Growth Investors, who have managed the fund and its predecessor since 2002. The portfolio management team will utilize the Laudus model of making institutional-quality investment managers available for advisers and individual investors in relatively low-cost investment products.

“Large Cap Growth is a significant mutual fund category key to the success of well-diversified portfolios. We’re excited to make this available to Schwab clients,” said Jeff Mortimer, president of Laudus Funds and chief investment officer of Charles Schwab Investment Management, Inc. “The Growth Investors team has more than 20 years of investment industry experience, and we’re proud to make that experience available to Schwab clients.”

The Laudus Growth Investors U.S. Large Cap Growth Fund will continue to use a “pure growth” strategy, with a goal of consistent performance through the application of fundamental growth discipline and research to identify companies believed to have potential for sustainable above-average sales and profit growth. Under the reorganization approved by shareholders, the Laudus Growth Investors U.S. Large Cap Growth Fund will retain the performance history and four-star Morningstar rating of its predecessor, the UBS U.S. Large Cap Growth Fund. The UBS Fund was ranked overall 4 stars out of 1565 funds in the Morningstar Large-Cap Growth category based on risk-adjusted return as of 06/30/2009*. Investors in the UBS fund became investors in the Laudus Fund as of the close of business on July 10, 2009.

“Under partnerships with AXA Rosenberg, Mondrian Investment Partners, and now Growth Investors, the Laudus Funds are able to put some of the best minds in the business to work for independent advisers and investors,” said Mortimer. “Our new partnership with Growth Investors gives our clients access to a global leader in large-cap growth investing at a highly competitive price.” The fund will be available for a low minimum initial investment of $100. It addition, the fund will have no loads or transaction fees, and its net operating expense ratio (0.78%) is significantly below the Morningstar category average (1.37%).

Fund Management

Jeff Mortimer is President of Laudus Funds and Chief Investment Officer of Charles Schwab Investment Management, Inc. He has overall responsibility for Schwab Funds, Laudus Funds and managed accounts. He joined CSIM in October 1997. Mr. Mortimer has more than 15 years experience in asset allocation analysis and mutual fund selection. He earned an MBA degree, with an emphasis in finance, from the University of Chicago Graduate School of Business in 1992.

Lawrence Kemp, CFA, is the co-portfolio manager of the fund. Mr. Kemp is the head of the UBS U.S. Large Cap Growth Equity portfolio team and has 23 years of investment experience. He joined UBS Global Asset Management in 1992 and has worked in roles including co-head of fixed income and chief investment strategist. He joined the Growth Investors team in 2001.

Phil Ruvinsky, CFA, is the co-portfolio manager and senior investment analyst for the Fund. He joined UBS Global Asset Management in 2003. 

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