Schwab Introduces New Direct Information Service For Mutual Fund Investors

Philip Morton, InvestorsOffshore.com

05 April 2001

Charles Schwab, the US financial services giant, announced earlier this week that it was enhancing its services for mutual fund investors with the introduction of Schwab DirectDetail(TM), a new source of mutual fund information provided directly by fund companies for Schwab clients and designed to help mutual fund investors make "intelligent financial decisions". Initial participants in DetailDirect include fund providers Janus, Investco, American Century, Firsthand, Dreyfus and SchwabFunds.

DirectDetail allows clients to supplement the research and analysis they receive from Schwab with information from fund companies. DirectDetail is accessible from http://www.schwab.com/directdetail, and through a variety of other access points throughout the schwab.com portal. Fund companies create individual information sites within DirectDetail to provide Schwab clients with a single-source mutual fund research tool for their funds. Each fund company's individual DirectDetail site provides general information, which varies by fund company, but may include fund company history, investing philosophy, a summary of funds offered by the fund family and access to company news and press releases.

Each firm also provides specific information on individual funds. Depending on the fund company, the information may include fund strategies, manager commentaries, portfolio manager profiles, details on top 10 holdings, performance data and statistics, and electronic access to fund prospectuses and annual reports.

Dave Shaver, Schwab Senior Vice President of Mutual Fund Marketing, commented: 'DirectDetail is adding a whole new dimension to mutual fund research at Schwab. It provides clients with access to in-depth insights from fund companies, and it adds a richness of detail to Schwab's mutual fund research and advice. We think this will help our clients to be intelligent, committed, long-term mutual fund investors.'

Already operating on DirectDetail are Janus, Invesco and American Century, whilst Firsthand, Dreyfus and SchwabFunds will be added to the platform later this month. Additional fund companies will be invited to participate in DirectDetail in the near future. Mitch Wurzer, Vice President of Investment Advisor Sales at American Century, said: 'DirectDetail gives American Century the opportunity to provide additional insight, investment education and fund information to our current and future investors at Charles Schwab. We feel the tools and information that Schwab is developing with the fund companies will greatly enhance their customers' investment insight.'

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