Every time banks react to a Charles Schwab & Co. product or service, it seems the discount broker comes up with something new-or a new way to market something old.

Banks have finally put up their own so-called supermarkets for no-fee mutual funds to compete against Schwab's wildly popular OneSource. Now they must contend with a new, high-end Schwab program: one that links clients with private institutional money managers from top-rung firms.

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