Schwab Completes Acquisition of Wasmer, Schroeder & Company, LLC
July 01 2020 - 4:30PM
Business Wire
The Charles Schwab Corporation (“Schwab”) today announced that
it has completed its asset acquisition of Wasmer, Schroeder &
Company, LLC (“Wasmer Schroeder”). Wasmer Schroeder is a leading
independent investment manager of fixed income separately managed
accounts with $10.7 billion in assets under management1.
Wasmer Schroeder’s comprehensive lineup of tax exempt and
taxable strategies will complement Schwab’s existing fixed income
capabilities. The acquisition enables the growth of Schwab’s fixed
income separately managed account business, and will help Schwab
meet increasing client demand for income in retirement.
Additionally, Schwab has hired nearly all of the Wasmer Schroeder
team.
Financial terms of the transaction are not being disclosed.
About Charles Schwab
The Charles Schwab Corporation (NYSE: SCHW) is a leading
provider of financial services, with more than 360 offices and 14.0
million active brokerage accounts, 1.7 million corporate retirement
plan participants, 1.4 million banking accounts, and $4.0 trillion
in client assets as of May 31, 2020. Through its operating
subsidiaries, the company provides a full range of wealth
management, securities brokerage, banking, asset management,
custody, and financial advisory services to individual investors
and independent investment advisors. Its broker-dealer subsidiary,
Charles Schwab & Co., Inc. (member SIPC, www.sipc.org), and
affiliates offer a complete range of investment services and
products including an extensive selection of mutual funds;
financial planning and investment advice; retirement plan and
equity compensation plan services; referrals to independent,
fee-based investment advisors; and custodial, operational and
trading support for independent, fee-based investment advisors
through Schwab Advisor Services. Its banking subsidiary, Charles
Schwab Bank (member FDIC and an Equal Housing Lender), provides
banking and lending services and products. More information is
available at www.aboutschwab.com. Follow us on Twitter, Facebook,
YouTube and LinkedIn.
Disclosures
Portfolio Management for the Wasmer Schroeder Strategies is
provided by Charles Schwab Investment Management, Inc. (“CSIM”).
CSIM is a registered investment adviser and an affiliate of Charles
Schwab & Co., Inc.(“Schwab”). Both CSIM and Schwab are separate
entities and subsidiaries of The Charles Schwab Corporation.
__________________ 1 As of 5/31/20
(0720-0CPA)
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Erin Montgomery Charles Schwab Phone: 212-403-9271
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