Schwab Clients Shift From Prime Funds to Government Portfolios
- Prime funds hit with biggest outflows in at least six months
- The firm’s government and Treasury funds had inflows
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Charles Schwab Corp. saw $8.8 billion in net outflows from its prime money market funds this week as investors rattled by turmoil at US banks plowed even more money into the brokerage’s other portfolios that favor assets with government backing.
Clients moved money from two Schwab Value Advantage Money funds, which had a combined $195 billion of assets as of March 15, representing the largest redemptions in at least six months, according to company data compiled by Bloomberg. The data cover the three days through March 15.