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Standish Mellon Asset, a unit of Bank of New York Mellon Corp (NYSE: BK), and Lehman Brothers Asset Management Co, part of Lehman Brothers Holdings Inc (NYSE: LEH), were chosen to run about $495 million each of the Charles Schwab Stable Value Fund.
Other managers chosen for different segments of the fund were Dodge & Cox, Western Asset Management Co, Aberdeen Asset Management, Loomis Sayles & Co, PIMCO and Dwight Asset Management Co, said Sturiale, who is also a portfolio manager at Schwab.
Stable value funds, like money market funds, are designed to provide safety of principal and high liquidity to investors. The Schwab fund has about seven percent of its assets that are backed by subprime or slightly lower-risk collateral, but the exposure will not have a material impact on the fund.
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