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Schwab to Adopt, Rename AXA Funds

Under the new, stricter standards, a majority of a listed company's directors must be independent.

November 05, 2003|From Associated Press

Charles Schwab Corp. said Tuesday that it would adopt and rename a small mutual fund family, hoping to add more flavor to its investment menu.

The San Francisco-based brokerage firm is taking over the administrative duties for all 11 mutual funds managed by AXA Rosenberg, an 18-year-old money manager that primarily handles investments for pension funds and large institutions.

AXA will continue to manage the funds, which have assets of $1.4 billion. The Orinda, Calif.-based firm also manages $31.6 billion for institutional investors.

Despite its success, AXA isn't well known in the mass market, a factor Schwab will address by rebranding the adopted mutual funds as Laudus -- a reference to the Latin word for "praiseworthy."

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