is shutting down four Laudus Funds
sub-advised by Axa Rosenberg
. The board of trustees of the funds last Thursday greenlighted the liquidation of
the Laudus Rosenberg U.S. Large Capitalization
, U.S. Discovery
, International Discovery
and International Small Capitalization
according to an
The four funds ceased taking in new investments from investors on Friday. The liquidation date is set for July 30.
"Charles Schwab Investment Management, Inc. (the "Adviser") will continue to monitor the situation with the Funds' subadviser, AXA Rosenberg Investment Management, LLC, regarding its recently announced computer
model coding error to determine what impact, if any, the error may have had on the performance of the Funds,"
Schwab officials stated in the filing.
According to media reports, a coding error disrupted Axa Rosenberg's process for selecting investments in June of last year. That error was fixed between September and November.
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