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Rating:Wells Fargo and BNY Win, For Now, As Schwab Pulls Pimco From a $1.3B CTF Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, October 03, 2014

Wells Fargo and BNY Win, For Now, As Schwab Pulls Pimco From a $1.3B CTF

Reported by Neil Anderson, Managing Editor

Pimco just lost a slice of a multi-manager fixed income fund that is also an underlying component of a target date fund series. Wells Fargo [profile] and Bank of New York Mellon are picking up the slack, for now.

On September 30, four days after Pimco [profile] bond king Bill Gross left for Janus, Schwab's [profile] bank arm revealed that it would remove Pimco as a sub-advisor to Schwab Institutional Core-Plus Fixed Income Fund "due to ongoing organization changes at the firm." The fund is a collective trust fund, an institutional, bank asset management product used primarily in the retirement plan space.

MFWire could not immediately reach spokespeople for BNY Mellon, Pimco, Schwab or Wells Fargo for comment on the change.

The Schwab CTF, which held $1.3 billion as of June 30, previously split its assets among four subadvisors: 30 percent with BNY Asset Management, 20 percent with Loomis Sayles, 25 percent with Pimco and 25 percent with Wells Fargo, which was just added to the fund a month ago. With Pimco on the way out of the fund, Schwab is increasing Wells' and BNY's slices to 40 percent each, for now.

"Assets will be temporarily re-allocated among the remaining active and passive strategies, including the recently added Wells Fargo Core Bond II CIT," Schwab Bank's statement reads.

The Schwab Institutional Core-Plus Fixed Income Trust Fund, in turn, is used as one of the underlying components of the 11 Schwab Managed Retirement Trust Funds, a target date collective fund series that held $8.5 billion as of June 30. 

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