Charles Schwab Corp. to Acquire Wasmer, Schroeder
February 24 2020 - 6:00PM
Dow Jones News
By Stephen Nakrosis
Charles Schwab Corp. on Monday said it agreed to acquire Wasmer,
Schroeder & Co. LLC, an independent investment manager of
fixed-income separately managed accounts.
The financial terms of the all-cash deal weren't disclosed, and
the transaction is expected to close around the middle of the
year.
Charles Schwab said Wasmer Schroeder has over $10.5 billion in
assets under management. Wasmer Schroeder, which was founded in
1987, has over 60 employees, including more than 30 investment
professionals. "Schwab looks forward to welcoming Wasmer
Schroeder's team when the transaction closes," the company
said.
Schwab also said the acquisition "enables the growth of Schwab's
fixed income separately managed account business with an
opportunity for increased asset flows."
--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
February 24, 2020 17:45 ET (22:45 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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