Charles Schwab Investment Management has a new large-cap growth fund for its Laudus Funds family, according to a news release.
The UBS U.S. Large Cap Growth Fund was renamed the Laudus Growth Investors U.S. Large Cap Growth Fund and will be subadvised by UBS portfolio managers.
“The Growth Investors team has more than 20 years of investment industry experience, and we're proud to make that experience available to Schwab clients,” said Jeff Mortimer, president of Laudus Funds and CEO of Charles Schwab Investment Management, the asset management subsidiary of Charles Schwab Corp.
Under the change approved by shareholders, the new Laudus fund will retain the performance history and four-star Morningstar rating of its predecessor. Investors in the UBS fund became investors in the Laudus Fund as of the close of business on Friday.
Lawrence Kemp, head of the UBS U.S. Large Cap Growth Equity portfolio team, is the co-portfolio manager of the fund. Phil Ruvinsky, who joined UBS in 2003, is the co-portfolio manager and senior investment analyst for the fund. Both will remain with UBS.
Charles Schwab Investment Management managed more than $228 billion in assets as of March 31. Laudus Funds was founded in 2004 and now has more than $3 billion in assets under management as of March 31.
