Charles Schwab Completes Asset Acquisition of Wasmer Schroeder

The company had $10.7 billion in assets under management as of the 31st of May 2020.

The Charles Schwab Corporation has announced earlier today in San Francisco that it has completed the asset acquisition of Wasmer, Schroeder & Company, LLC for an undisclosed amount.

Wasmer Schroeder is an independent investment manager of fixed income separately managed accounts. The company has $10.7 billion in assets under management as of the 31st of May 2020.

The Most Diverse Audience to Date at FMLS 2020 – Where Finance Meets Innovation

Following the acquisition, Charles Schwab, an American bank and stock brokerage firm, will now be able to offer Wasmer Schroeder’s suite of tax-exempt and taxable strategies, complementing its 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,” the stock brokerage said in its statement today.

Suggested articles

Everything You Need to Know to Profit from the DeFi HypeGo to article >>

In addition to acquiring assets of Wasmer Schroeder, Schwab has hired nearly all of of the investment manager’s team. The deal will allow Charles Schwab to grow its fixed income separately managed account business, by providing the opportunity for increased asset flows.

Charles Schwab continues acquisition spree

As Finance Magnates reported, the all-cash transaction was first announced in February of this year. Today’s announcement follows on from a string of acquisitions by Schwab.

In particular, the financial firm recently completed the asset acquisition of Motif, a fintech company, which included all of the company’s technology and intellectual property. This includes algorithms, patents and source code.

Motif customised thematic portfolios to investors by leverage technology and data science. Similar to Wasmer Schroeder, Motif’s technology platform also supports real-time fractional share trading and tax optimisation strategies within investment portfolios, among other features.

Schwab is also trying to close a major acquisition of TD Ameritrade in an all-stock transaction valued at approximately $26 billion. In a victory for Schwab, in June the Antitrust Division of the United States Department of Justice (DOJ) closed its investigation on the proposed acquisition of TD Ameritrade Holding Corporation.

Got a news tip? Let Us Know