Charles Schwab & Co. is seeking investment managers to provide mutual funds for its first fund of funds, which will specialize in international and emerging markets equities. Schwab hired Cynthia Liu as a senior portfolio manager to run this fund and future funds of funds. She formerly was vice president and director of investment services for Jardine Fleming in Hong Kong. She'll be evaluating the money manager candidates.
Called the Schwab OneSource Portfolio-International, at least 65% of the portfolio's mutual funds will be chosen from funds in Schwab OneSource, a no-transaction-fee mutual fund marketplace. Initially, the fund of funds may invest in as many as 25 mutual funds because of regulatory requirements, which Schwab is working to modify.