Schwab to liquidate 2 funds.
BANKING AND CREDIT NEWS-April 21, 2017-Schwab to liquidate 2 funds
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Charles Schwab Investment Management is reorganizing its Schwab Short-Term Bond Market Fund into the Schwab Short-Term Bond Index Fund and the Schwab Total Bond Market Fund into the Schwab US Aggregate Bond Index Fund, and approved the liquidation of both the Schwab Short-Term Bond Market Fund and Schwab Total Bond Market Fund, the company said.
The funds were closed to new investors on February 22, 2017, and will be closed to all purchases and exchanges as of August 16, 2017. Both funds will redeem their outstanding shares on or about August 18, 2017 and distribute proceeds to shareholders.
Founded in 1989, Charles Schwab Investment Management, Inc., a subsidiary of The Charles Schwab Corporation, is one of the nation's largest asset management companies, with more than USD 316B in assets under management as of 3/31/17. It is among the country's largest money market fund managers based on assets under management according to iMoneyNet as of 3/31/17. It is also the third-largest provider of index mutual funds and the fifth largest provider of ETFs.
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|Publication:||M2 Banking & Credit News (BCN)|
|Date:||Apr 21, 2017|
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