Charles Schwab & Co. Inc. said Wednesday that it had introduced Schwab Managed Portfolios, a suite of mutual fund portfolios for people with as little as $50,000 to invest who want to benefit from the investment expertise of Schwab's professional money managers.
The San Francisco brokerage company also offered to rebate the previous quarter's program fee to anyone not completely satisfied with the products, which it said are competitively priced.
Schwab Managed Portfolios primarily use equity funds from Charles Schwab Investment Management, which leverages Schwab Equity Ratings. Additional funds are drawn from Schwab's exclusive Mutual Fund OneSource Select List, a compilation of high-performing, no-load, no-transaction-fee mutual funds selected by the Schwab Center for Investment Research.
A version that invests exclusively in third-party mutual funds is in development, the company said.
Annual program fees are based on a percentage of the portfolio's value, from 0.50% down to 0.25% for higher asset levels.
