Client trading rose last month at Schwab
, thanks in part to a boost on OneSource
. Today the San Francisco-based brokerage giant released its "Monthly Activity Highlights" report for October 2011, showing a clients' daily average trade rise to 509,500, up 9.15 percent from September 2011 and 37.07 percent from October 2010.
Greg Gable, a spokesman for Schwab, confirmed that part of the jump was thanks to a seasonal jump on Schwab's mutual fund OneSource
platform. Gable credited that jump to "a lot of rebalancing that may be done in mutual fund portfolios, by registered advisors and others," thanks to the change in quarter.
Schwab saw net purchases of mutual funds of more than $1.75 billion in October 2011, but only $1.6 million net purchases in long-term funds. Money market funds topped the net buy list with nearly $1.75 billion all on their own, while large cap stocks drove the net sells with $686 million.
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