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.
Seventy 'sustainable' funds held SVB stock, given the bank's funding of innovative climate technology, according to the research firm.
In a down market, more mutual fund managers were able to beat cheaper passive options for investors.
Any benefit from incorporating ESG credentials into a portfolio is already captured by other well-defined equity factors.
The newly released tool seeks to automate multiple compliance processes, including share class monitoring.