Schwab picks Dwight as stable value subadviser

Charles Schwab hired Dwight Asset Management as the new lead subadviser on its $3 billion Charles Schwab Stable Value Fund, according to Schwab spokeswoman Lindsay Tiles. The firm replaces INVESCO Institutional, which had been sole subadviser on the mutual fund; Schwab last month said it would replace INVESCO with one lead manager and a number of underlying managers. Ms. Tiles said Dwight will manage 40% or about $1.2 billion, of the portfolio. The remaining subadvisers are being evaluated.