Charles Schwab Corp. has launched five collective trust funds targeting institutional investors with at least $100 million in qualified plan assets.
Best known as the nation's biggest discount brokerage operation, San Francisco-based Schwab has expanded into the asset management and trust business in recent years. Charles Schwab Retirement Plan Services advised some $26.5 billion of assets at the end of November.
The collective trust funds, launched Wednesday, will be offered through Charles Schwab Trust Co. as an addition to the firm's 401(k) offerings, a spokesman said. They include, a large-cap growth portfolio advised by Goldman Sachs Group and an international fund to be advised by Invesco and Bank of Ireland Asset Management, he said. The funds offer tiered operating expenses that decline as the assets grow, he added.
- Niamh Ring