Charles Schwab Corp. said Tuesday that it would adopt and rename a small mutual fund family, hoping to add more flavor to its investment menu.
The San Francisco-based brokerage firm is taking over the administrative duties for all 11 mutual funds managed by AXA Rosenberg, an 18-year-old money manager that primarily handles investments for pension funds and large institutions.
AXA will continue to manage the funds, which have assets of $1.4 billion. The Orinda, Calif.-based firm also manages $31.6 billion for institutional investors.
Despite its success, AXA isn't well known in the mass market, a factor Schwab will address by rebranding the adopted mutual funds as Laudus -- a reference to the Latin word for "praiseworthy."