Company Announcements

Schwab Completes Acquisition of Wasmer, Schroeder & Company, LLC

SAN FRANCISCO--(BUSINESS WIRE)--Jul. 1, 2020-- 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.

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1 As of 5/31/20

(0720-0CPA)

Erin Montgomery
Charles Schwab
Phone: 212-403-9271

Source: The Charles Schwab Corporation

Erin Montgomery
Charles Schwab
Phone: 212-403-9271