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Rating:SchwabFunds Top 100 Billion Not Rated 3.0 Email Routing List Email & Route  Print Print
Thursday, September 09, 1999

SchwabFunds Top 100 Billion

Reported by Jason Shank

Charles Schwab Investment Management (CSIM) today announced that the SchwabFunds family, mostly composed of index, money market and asset allocation vehicles has recently passed the $100 billion mark. The assets under management have more than doubled in the last two years -- two years in which inflows into index funds have boomed compared to inflows into actively managed funds. Almost 40 cents of every new dollar in mutual funds this year flowed into index funds, according to Boston-based Financial Research Corp.

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  • The fund complex, started in 1991 with the Schwab 1000 Fund, its first index fund, and three money market funds, now ranks as the nation's third largest money market fund manager and 15th largest mutual fund family, according to the company. It is also the country's third largest provider of retail index funds.

    "We will continue to add to our current stable of funds only when it fills a real customer need," said CSIM president Bill Klipp. "We're interested in adding value for our customers, and customers tell us they want mutual funds that help to simplify the investing process, not complicate it. That's why we've focused on developing investments like index funds, asset allocation funds and funds-of-funds."

    Schwab also announced that, starting in the fall, it would be making its funds "portable," allowing investors to transfer shares of SchwabFunds "to certain other financial institutions without having to redeem shares and possibly incur capital gains taxes." 

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