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Rating:Schwab Pulls the Plug on the Laudus Rosenberg Funds Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, May 03, 2010

Schwab Pulls the Plug on the Laudus Rosenberg Funds

Reported by Armie Margaret Lee

Schwab is shutting down four Laudus Funds sub-advised by Axa Rosenberg. The board of trustees of the funds last Thursday greenlighted the liquidation of the Laudus Rosenberg U.S. Large Capitalization, U.S. Discovery , International Discovery and International Small Capitalization funds, according to an SEC filing.

The four funds ceased taking in new investments from investors on Friday. The liquidation date is set for July 30.

"Charles Schwab Investment Management, Inc. (the "Adviser") will continue to monitor the situation with the Funds' subadviser, AXA Rosenberg Investment Management, LLC, regarding its recently announced computer model coding error to determine what impact, if any, the error may have had on the performance of the Funds," Schwab officials stated in the filing.

According to media reports, a coding error disrupted Axa Rosenberg's process for selecting investments in June of last year. That error was fixed between September and November. 

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