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Friday, May 31, 2002|
Schwab Alters Fund Course
Charles Schwab is upping the intensity of its search for a new face to fill the shoes emptied by Jerry Chafkin when he shifted duties at the brokerage. Chafkin had been chief operating officer of Charles Schwab Investment Managers, the firm's mutual fund unit.
The search comes as Schwab is shifting the course of its funds enterprise to include outside subadvisors in what had been funds of funds. Schwab's initial funds were limited to money market offerings and then passive equity funds. More recently it added funds of funds to broaden its offerings without stepping on the toes of the fund partners in its OneSource program.
Now, the broker is seeking to add subadvisors to its funds of funds to convert them into multi-manager offerings. The new head of the group would help to implement this strategy.
Chafkin left the top slot in the fund group to take over the San Francisco broker's advice products and services area. Schwab has been operating without a head of its fund arm since that time. Before Chafkin the unit had been run by William J. Clipp.
The open position reports to Jeff Lyons, executive vice president of Schwab's asset management products and services group, confirmed a spokesperson. He added that the position will be based in San Francisco.
Altogether the Schwab Funds enterprise offers 44 funds with some $140 billion in assets under management. The bulk of those funds ($120 billion) are in money market funds.
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